Refer to the information provided in Table 30.1 below to answer the question(s) that follow.
Table 30.1
Refer to Table 30.1. From 2014 to 2016 nominal wages
A. rise.
B. fall.
C. stay the same.
D. rise then fall.
Answer: A
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How does the goods market return to equilibrium if AE is less than production?
What will be an ideal response?
If aggregate supply keeps decreasing while aggregate demand does not change, there will come at time when
a. demand-dull inflation will occur b. cost-push inflation will occur c. demand-push inflation will occur d. cost-pull inflation will occur e. the economy will reach full employment
If this is a closed economy how many cars will be exchanged?
A. 40,000 B. 20,000 C. 80,000 D. 60,000
Suppose a plaintiff hires a lawyer to represent her in a court case. The lawyer will be paid a fixed fee. Under this contract,
A) production efficiency is achieved. B) the client bears all of the risk. C) the lawyer has an incentive to lie about his hours worked. D) All of the above.