Although monopoly has lower output than competition, the level of output is efficient
a. True
b. False
Indicate whether the statement is true or false
False
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Nominal wages react slowly to changes in output for the following reasons, except one. Which is the exception?
a. The nominal wage may be fixed and independent of output because of labor contracts that last up to three years. b. The real wage remains constant despite changes in output. c. Firms with a reputation for paying stable nominal wages will find it easier to attract new workers. d. Changing the nominal wage can be costly to firms. e. Nominal wages may be set by slow-moving corporate bureaucracies.
Increasing economic growth may be beneficial because
a. mass poverty is a serious problem in the United States. b. most Americans do not have the basic goods and services necessary for a decent life. c. the price level falls only if the economy is growing. d. most of the world is still below the poverty level of income.
A rise in the interest rate will generally result in people consuming less when they are old if the substitution effect outweighs the income effect
a. True b. False Indicate whether the statement is true or false
There was a lot of pressure on U.S. policymakers in late 1999 and into the early 2000's to decrease the value of the dollar. This pressure was coming mainly from:
A. foreign central banks. B. U.S. manufacturers. C. foreign manufacturers. D. importers.