Coordination failure is a situation in which workers and employers fail to achieve an outcome that all would prefer
Indicate whether the statement is true or false
true
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From 1837 and up until the Civil War, the United States adhered to a
A) gold standard. B) silver standard. C) bimetallic standard. D) bronze standard. E) copper standard.
Real-wage rigidity in the Keynesian efficiency wage diagram of the labor market is depicted by
A) a vertical labor supply curve at the efficient level of employment, B) a vertical labor demand curve at the efficient level of employment. C) a horizontal line at the efficiency wage. D) a steep, positively sloped labor supply curve depicting various efficiency wages at various employment levels.
A downward shift in the Fed's policy reaction function corresponds to a ________ the aggregate demand curve and a decrease in exogenous spending corresponds to a ________ the aggregate demand curve.
A. movement up; shift right of B. shift left of; movement up C. shift left of; shift right of D. shift right of; shift left of
Which of the following are positive economic statements and which are normative economic statements?
a. An increase in the minimum wage causes unemployment. b. The government should raise the minimum wage above $7.25 per hour. c. The prolonged recession has caused the unemployment rate to reach a 30-year high. d. Interest rates need to be lower for the economy to emerge from the recession. e. Inflation has decreased since the onset of the recession. f. Once the recession has ended, interest rates should increase to assure that inflation does not go up. What will be an ideal response?