One factor that explains the short-run trade-off between inflation and unemployment is labor contracts that fix wages for an extended period of time
a. True
b. False
Indicate whether the statement is true or false
True
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Government expenditures on housing subsidies at all levels total more than $45 billion a year
a. True b. False
If Sean sells Tom a tennis racket for $50, we would expect
What will be an ideal response?
Suppose there is an oligopoly in the bottled cold coffee industry. Which of the following is probably the most significant barrier to entry?
a. The existing firms have expertise in using game theory strategies. b. No patents have been granted to the existing firms in the industry. c. The existing firms own most of the coffee bean plantations. d. There are no tariffs imposed on coffee bean imports.
Firms should hire additional units of a resource as long as the:
A. marginal product of the resource exceeds the price of the resource multiplied by the quantity of output produced. B. marginal product of the resource is less than the price of the resource. C. price of the output produced is positive. D. marginal revenue product of the resource exceeds the cost of an additional unit of the resource.