Produced goods used as inputs for the production of other goods comprise the resource known as
A) natural resources.
B) services.
C) capital.
D) entrepreneurship.
C
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The equilibrium wage
a. is the same in all labor markets b. occurs where the supply of labor curve begins to bend backward c. cannot be calculated because there are so many labor markets d. is determined by the market demand for labor and the market supply of labor e. is irrelevant because of unions
Expansionary monetary policy occurs when
What will be an ideal response?
Answer the following statements true (T) or false (F)
1) In the very short run, demand shocks will tend to change the level of output but have little effect on prices. 2) In the very short run, firms tend to respond to demand shocks by changing their prices. 3) Negative demand shocks have a more significant impact on output and employment when prices are flexible. 4) In the short run, firms are more likely to respond to demand shocks by altering inventory levels than by changing how much they produce.
The main result of the monetarist model is that
A) the economy is slow to adjust to sticky wages and prices. B) workers and firms have rational expectations. C) the quantity of money should be increased at a constant rate. D) productivity shocks explain fluctuations in real GDP.