Without government involvement, wages and interest rates are set by _______________.
A. price floors
B. supply and demand
C. price ceilings
D. None of these choices are correct
B. supply and demand
You might also like to view...
Which of the following is NOT an example of the opportunity cost of investing in human capital?
A) lost wages while in school B) lost wages while in on-the-job training C) tuition payments D) apartment rent while working and going to school part-time
Which of the following is an example of a production function with fixed proportions?
A) putting orange juice into cartons B) mowing lawns C) cutting hair D) teaching economics
Which of the following regarding a monopolist is INCORRECT?
A. The monopolist constitutes the entire industry. B. There are barriers to entry that allow monopoly. C. The monopolist produces only goods of highest quality. D. The monopolist is a single supplier of a good or service.
The formula for the aggregate consumption function is [C = a + b(Y - T)] ________ the income-expenditure model.
A. after net exports are added to B. when consumption is left out of C. after government is subtracted from D. after government is added to