The real wage rate measures the amount that wages can buy in current dollars.
Answer the following statement true (T) or false (F)
False
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Answer the following statement(s) true (T) or false (F)
1. In a model that analyzes the effects of a tax change, the tax serves as an endogenous variable. 2. The embarrassment theory suggests why shopping carts should be smaller. 3. An economic model, even if unrealistic, is useful as long as it makes predictions that are realistic. 4. Efficiency is the only criterion by which economists judge policies. 5. All points on a risk-neutral individual's indifference curve have the same expected value.
If the demand curve for a good is horizontal and the price is positive, then a leftward shift of the supply curve results in
A) a price of zero. B) an increase in price. C) a decrease in price. D) no change in price.
The short-run market supply curve is
a. the horizontal summation of each firm's short-run supply curve. b. the vertical summation of each firm's short-run supply curve. c. the horizontal summation of each firm's short-run average cost curve. d. the vertical summation of each firm's short-run average cost curve.
It is true that a stable economy occurs when
a. total injections into the circular flow are large enough to make up for government tax leakages. b. total leakages from the circular flow are great enough to offset the effects of government spending. c. total planned leakages from the circular flow are exactly equal to total planned injections into the circular flow. d. actual saving is equal to planned investment.