According to the classical theory, the aggregate supply curve is
A. downward sloping.
B. upward sloping.
C. horizontal.
D. vertical.
Answer: D
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In a monopsony labor market, a minimum wage set equal to the competitive market equilibrium wage rate can ________ the wage rate and ________ employment
A) raise; increase B) raise; decrease C) lower; increase D) lower; decrease
Under the Global Legal Settlement of 2002, the provision that requires, for a period of five years, brokerage firms to contract with independent research firms to provide information to their customers is an example of
A) regulate for transparency. B) supervisory oversight. C) separation of functions. D) socialization of information production.
Savings accounts pay very low rates of interest. The average return on the stock market is about 10-12%, in the long run. Why would anyone put money into a savings account?
What will be an ideal response?
One of the conditions that must exist for the median-voter theorem to hold is:
A. there is a simple in-favor/not-in-favor position held by each candidate. B. candidates win by majority vote. C. there must be a run-off election in the event of a tie vote between two or more candidates. D. voters may vote for a policy even if it not close to their own beliefs.