One of the tenets of the classical view of the labor market is that the wage adjustments that are necessary to clear the labor market
A. occur very infrequently.
B. occur slowly.
C. don't occur.
D. occur quickly.
Answer: D
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A growing government budget deficit and national debt reduces economic growth because
A) it insures that future generations will have to pay the debt. B) it reduces public investment. C) it reduces household saving. D) it diverts private savings from the financing of private investment.
If the national debt is growing no faster than GDP,
a. the government will have to raise taxes b. the nation's standard of living will fall c. government investment spending will be negative d. the government can pay interest on the debt without having to raise taxes e. the government will be unable to pay interest on the debt
Which of the following is the least likely to be a competitive market?
a. ice cream b. soybeans c. cable television d. new houses
Refer to the above figure. If the farmer has 50 acres of land, the farmer is producing at point a, and an acre of land yields 400 bushels of beans or 800 bushels of wheat, how much land is devoted to the production of wheat?
A. 10 acres B. 15 acres C. 12.5 acres D. 8.5 acres