The inability of wages to adjust to market conditions is called ________
Fill in the blank(s) with correct word
wage stickiness
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The advantages of maintaining monopolies:
A. always outweighs the total welfare costs due to lost surplus. B. sometimes outweighs the total welfare costs due to lost surplus. C. never outweighs the total welfare costs due to lost surplus. D. is a normative argument that has no right answer.
In an open economy, this country will ________ million bushels of corn.
A. import 150 B. import 600 C. export 600 D. export 300
Which of the following describes a discretionary fiscal policy action/program?
A) the progressive income tax system B) The government increases funding for the Dislocated Worker Program, a federal initiative that provides retraining and career counseling. C) the unemployment compensation program D) the system of welfare programs
A firm wanting to maximize profits should operate in such a way that
A) the MRP of each input is equal to or greater than its MFC. B) MRP equal MFC in the input market but MC must exceed MR in the output market. C) marginal revenue must be equal to the marginal revenue product. D) none of the above.