Which theories of the economy lead to the assertion that markets "self-adjust" to deviations from their long-term growth trend?
A. Keynesian theories
B. Monetarist theories
C. Classical theories
D. Supply-side theories
Ans: C. Classical theories
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The following table shows the hours of labor supplied by six workers at different wage rates:
Wage Rate (per hour) Amanda (hours worked per day) Wendy (hours worked per day) Shaun (hours worked per day) Kevin (hours worked per day) Leo (hours worked per day) Ryan (hours worked per day) $12 4 3 2 4 3 5 $18 6 7 4 6 7 8 $24 8 9 9 9 10 11 $30 9 10 11 11 12 13 $36 10 11 12 12 13 14 a) If the market for labor consists of only these six workers, calculate the market supply of labor at the different wage rates. b) If the market demand for labor is 56 hours per day, what is the equilibrium wage rate? c) If the market demand for labor is 38 hours per day, what is the equilibrium wage rate?
In the short run, a rightward shift of the short-run aggregate supply curve ________ real GDP and ________ the price level
A) decreases; lowers B) increases; raises C) decreases; raises D) increases; lowers
Using the table provided above, which of the following statements is TRUE?
A) Income inequality is decreasing. B) Incomes are increasing. C) Incomes are decreasing. D) Income inequality is increasing.
Which market structure(s) is(are) imperfectly competitive?