According to classical economists, in an economy where people possess rational expectations, adjustments occur very slowly
a. True
b. False
Indicate whether the statement is true or false
False
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How might government policies differ when attempting to reduce the three types of unemployment? Be specific
What will be an ideal response?
The table above shows some data that describe Tom's T-Shirts' total product when Tom has 1 sewing machine
An increase in the number of workers from 1 to 2 a day increases average product of labor from ________ T shirts per worker and marginal product of labor is ________ T shirts per worker. A) 10 to 11; 22 B) 10 to 22; 12 C) 10 to 22; 22 D) 10 to 11; 12
Which of the following might cause the demand for ice cream, a normal good, to increase?
a. an increase in the price of ice cream b. an increase in the price of sherbet c. cooler weather d. a decrease in the number of consumers e. a decrease in consumer income
The Latin expression ceteris paribus means
a. everything else being equal b. economic model c. partially correct d. certainty e. certain particulars