The classical model
a. relies on the equivalency of the labor, capital, and land resource markets
b. includes a land market and a labor market
c. focuses primarily on capital markets
d. focuses primarily on labor markets
e. focuses on labor, capital, and land markets
D
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Which of the following happens if the real interest rate of an economy rises?
A) Labor demand increases. B) Labor supply falls. C) Investment falls. D) Consumption increases.
The automobile market is an example of a perfectly competitive market
a. True b. False
Neoclassical economists see no social ______________ to inflation and suggest that the government should take actions to control it.
a. drawback b. criticism c. benefit d. support
By summing the quantities demanded by individuals at each price we obtain the
A. market demand curve. B. market supply curve. C. equilibrium price. D. individual demand curve.