An example of price floor is
a. Minimum wages
b. Rent controls in New York
c. Both a and b
d. None of the above
a
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Which of the following most accurately describes an impact of the Navigation Acts?
a. Wages of Southern plantation owners increased. b. Wages of New England sailors increased. c. Wages of wheat farmers in the Middle Colonies increased.
Suppose that a small economy that produces mostly agricultural goods experiences a year with exceptionally good conditions for growing crops. The good weather would
a. shift both the short-run aggregate supply and the short-run Phillips curve right. b. shift both the short-run aggregate supply and the short-run Phillips curve left. c. shift the short-run aggregate supply curve to the right, and the short-run Phillips curve to the left. d. shift the short-run aggregate supply curve to the left, and the short-run Phillips curve to the right.
Money or goods that parents leave to their children in their wills are referred to as:
A) bequests. B) interest. C) charity. D) social responsibility.
Real business cycle theory emphasizes that shocks to technology can play a big part in causing economic fluctuations
Indicate whether the statement is true or false