Which rationing system leads to the most efficient use of available resources?
A) free market
B) physical force
C) first come, first served
D) random assignment
Answer: A
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When economists address the concept of price and wage stickiness in relation to the business cycle, they are referring to
A) nominal prices and nominal wages. B) real prices and real wages. C) both nominal and real prices and wages. D) both nominal and real prices, but only real wages.
By focusing on the short-run adjustments of aggregate demand, Keynesian economics risks _____________ the long-term causes of economic growth or the natural rate of unemployment that exists, even when the economy is producing at potential GDP.
a. overlooking b. fueling c. minimizing d. increasing
If a monopolistically competitive industry is earning short-run profits, new competitors will enter the industry in the long run and compete away those profits.
Answer the following statement true (T) or false (F)
Most economists think that it is impossible to prevent asset price bubbles
a. True b. False Indicate whether the statement is true or false