Minimum wages are:
A. not very controversial.
B. always needed to guarantee workers an acceptable standard of living.
C. a form of government interference in the free market.
D. only enforceable at the federal level.
C. a form of government interference in the free market.
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In an open economy including the government, planned expenditures equals
A) C + I + G + X + M. B) C + I + G. C) C + I + G - X + M. D) C + I + G + X - M.
In the above figure, x is
A) positively related to y and negatively related to z. B) positively related to both y and z. C) negatively related to y and positively related to z. D) negatively related to both y and z.
The recessionary gap is given by the difference between potential GDP and real GDP
a. True b. False Indicate whether the statement is true or false
The price elasticity of supply measures how responsive
a. sellers are to a change in price. b. sellers are to a change in buyers' income. c. buyers are to a change in production costs. d. equilibrium price is to a change in supply.