The quantity of employment is determined in the ________ market and that quantity, along with the ________, determines potential GDP
A) labor market; tax rate
B) loanable funds; production function
C) goods and services; labor market
D) labor market; tax wedge
E) labor market; production function
E
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Secular deflation occurs when
A) both aggregate demand and aggregate supply are shifting left. B) there is no economic growth and aggregate demand falls. C) aggregate demand increases at the same time there is no economic growth. D) aggregate demand remains unchanged while economic growth increases long-run aggregate supply.
If people in Pottsville purchase 20 percent more pickles today than they did in 1980,even though the price of pickles has increased 40 percent since 1980, the demand for pickles in Pottsville
A) does not obey the law of demand. B) has changed since 1980. C) is relatively elastic. D) is relatively inelastic. E) is unit elastic.
A group of firms that act in unison to maximize collective profits is called a
a. monopolistically competitive industry. b. monopoly. c. cartel. d. Nash equilibrium market.
Micro-failures of the marketplace imply that:
A.) we are inequitably distributing output. B.) we are at the wrong point on the production possibilities curve. C.) we are overproducing at a point beyond the production possibilities curve. D.) Both A and B are true.