Traditional classical economists believe that:
a. wage rates are perfectly flexible.
b. people do not have perfect information about the economy.
c. prices are fixed for long periods of time.
d. the price of resources, technology, and expectations cannot influence the equilibriumlevel of real GDP
e. changes in aggregate demand change only the real GDP.
a
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When firms in the same industry locate in the same geographic region, it is known as dumping
a. True b. False Indicate whether the statement is true or false
The income approach to calculating GDP:
A. is more accurate than using the expenditure approach. B. is less accurate than using the expenditure approach. C. will generate the same answer as using the expenditure approach. D. is simpler to calculate than the expenditure approach.
Assume that all firms in this industry have identical cost curves, and that the market is perfectly competitive.
If S3 is the market supply curve, then each firm in this market will earn an economic loss of ________ per week.
A. $3,000 B. $1,000 C. $1,500 D. $2,000
According to official statistics in the United States, a family is considered to live in poverty if its money income:
A. and all government transfers are below three times an average family's minimum food budget. B. is below the income earned by 80 percent of all Americans. C. is below the income earned by 90 percent of all Americans. D. is below three times an average family's minimum food budget.