If people buy less chewing gum at every price when their incomes fall, then
a. chewing gum is a normal good
b. the demand for chewing gum is downward sloping
c. demand for chewing gum has increased
d. the price of chewing gum has increased
e. population has decreased
A
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The term "the affluent society" was coined by
A. Michael Harrington. B. John Kenneth Galbraith. C. Karl Marx. D. Adam Smith.
Refer to the above figure. Which of the graphs is consistent with the Keynesian short-run aggregate supply curve?
A. Graph A B. Graph B C. Graph C D. Graph D
A temporary embargo on oil from Saudi Arabia going in to the United States would
A. shift only the long-run aggregate supply curve to the left. B. shift both the short-run and long-run aggregate supply curves to the left. C. shift the long-run aggregate supply curve to the right. D. shift only the short-run aggregate supply curve to the left.
Cheap talk works at placing workers in the right job as long as
A) the interests of the worker and the firm coincide. B) all workers want the most demanding jobs regardless of their abilities. C) workers have different ability levels that are unknown to firms. D) firms are not profit maximizers.