Refer to Figure 3-4. If the price is $25,
A) there is a surplus of 300 units. B) there is a shortage of 200 units.
C) there is a shortage of 300 units. D) there is a surplus of 200 units.
A
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Keynesians are skeptical of the classical theory that recessions are periods of increased mismatch between workers and jobs because
A) help-wanted advertising falls during recessions. B) help-wanted advertising rises during recessions. C) workers spend a lot of time searching for work in recessions. D) people are indifferent between being employed or not.
If the functional form of the conditional variance function is incorrect, then
A) the standard errors computed by WLS regression routines are invalid B) the OLS estimator is biased C) instrumental variable techniques have to be used D) the regression R2 can no longer be computed
According to the above table, Alpha has comparative advantage in producing
A) pizzas. B) donuts. C) both pizzas and donuts. D) neither pizzas nor donuts.
Because the price level shares a negative relationship with aggregate expenditures on GDP, the aggregate demand curve is:
A. downward sloping. B. upward sloping. C. perfectly elastic. D. perfectly inelastic.