Traditional Keynesians argued that when wages are rigid, changes in output result in:
a. small changes in goods market prices and a flat aggregate supply curve.
b. large changes in goods market prices and a flat aggregate supply curve.
c. large changes in goods market prices and a steep aggregate supply curve.
d. small changes in goods market prices and a steep aggregate demand curve.
e. small changes in goods market prices and a horizontal aggregate demand curve.
a
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When your professor asks a question that everyone in the class knows the answer to, yet no one raises his or her hand to answer the question, this is an example of what economists call
A) flying under the radar. B) shirking responsibility. C) the volunteer's dilemma. D) a game of chicken.
When economic profits in a perfectly competitive industry are positive
A) new firms will be attracted to the industry, and economic profits will decline to zero. B) the industry is in equilibrium. C) firms will increase output to earn even higher profits. D) firms will increase prices while they have the opportunity.
Which public health care program is divided between "part A" and "part B"?
A. Medicaid B. U.S. Health C. WIC D. Medicare
Over the past century, the growth of labor productivity in the United States was highest in the _____
a. 1940s b. 1950s c. 1960s d. 1970s e. 1980s