The short-run aggregate supply curve is:
A. Vertical at all levels of output.
B. Horizontal at all levels of output.
C. Downward sloping to the right.
D. Upward sloping to the right.
Answer: D. Upward sloping to the right.
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The reason why the differences in the growth stories of North Korea and South Korea can be viewed approximately as a natural experiment or an experiment of history is that:
A) institutions in both countries was changing radically, while geography and culture remained largely unchanged. B) culture in both countries was changing radically, while geography and institutions remained largely unchanged. C) geography in both countries was changing radically, while culture and institutions remained largely unchanged. D) institutions, geography, and culture in both countries were changing radically.
A normal good is a good for which the demanded decreases as income decreases, holding everything else constant
Indicate whether the statement is true or false
Hughes and Cain (2011) argue that the U.S. regards highly hardworking people and possesses a strong disdain for idle people, especially the rich. These views fuel animosity toward labor unions because unions
(a) threaten the private rights of business owners to utilize profits in those fashions they deem desirable. (b) force business owners to divert profits to conduct research and develop products. (c) prevent the emergence of a leisure class in the U.S. (d) all of the above.
In the monetary equation of exchange, MV = PQ, P stands for
a. total price. b. average price. c. purchases. d. the Producer Price Index.