Child labor is a common family survival strategy, especially for farmers in rural areas where it is hard to enforce rules or to reach the poor with any supporting infrastructure or social services
Indicate whether the statement is true or false
TRUE
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Why are cartels among firms usually kept secret?
What will be an ideal response?
The usefulness of a model is determined by
A) whether it helps to explain or predict real world phenomena. B) whether it possesses realistic assumptions. C) how well it uses the ceteris paribus assumption. D) how many of the possible relationships that exist are included in the model.
Stagflation" refers to
A. a simultaneous increase in output and the price level. B. a simultaneous reduction in output and the price level. C. an increase in the price level accompanied by decreases or leveling off in real output and employment. D. a decline in the price level accompanied by increases in real output and employment.
According to classical theory,
A. Macro equilibrium might start out badly and get worse in the absence of government intervention. B. Business cycles are not relevant and do not occur. C. Keynes had "neglected to take account of the drag on prosperity which can be exercised by an insufficiency of effective demand." D. Flexible wages and prices allow a laissez faire economy to adjust wages and prices to shifts in aggregate demand.