Manager-determined prices are
A. not determined by the forces of demand and supply.
B. exogenous variables in a demand equations.
C. associated with price-taking firms.
D. both a and b
E. both b and c
Answer: D
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Because a decrease in real autonomous spending results in a ________ in the price level, the ultimate effect on real GDP is ________ than predicted by the multiplier
A) fall; larger B) fall, smaller C) rise; smaller D) fall; smaller
As resources move from low-valued uses in a resource market to highly-valued uses in another resource market, the price paid to the resource in the highly-valued market will
a. not be affected, if the change is temporary b. increase, if the change is temporary c. remain the same d. decrease e. increase, if the change is permanent
If scarcity were eliminated,
a. all goods would be free. b. no one would have to make any choices. c. everyone could have all they want at no cost. d. all of the above are true.
If a union and a firm cannot reach an agreement on the terms of employment, then the union can organize a withdrawal of labor from the firm, called a strike
a. True b. False Indicate whether the statement is true or false