?Demand determined? means that price is set by buyers' demand and a fixed supply.
Answer the following statement true (T) or false (F)
True
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One kind of gain from specialization is that
a. most individuals gain at the expense of someone else b. people develop expertise c. people get to do only what they like d. people cannot be bossed around e. people gain political power
Government demand-management policies that are used to try to increase the equilibrium level of output in the economy are known as
a. expansionary policies. b. fiscal dividends. c. output policies. d. laissez-faire policies.
Suppose that a drought significantly reduces agricultural production one year. In addition, suppose the Fed accommodates this supply shock by implementing an expansionary monetary policy. Which of the following would you expect to occur as a result of these changes?
a. The short-run aggregate supply curve will shift to the right, the short-run Phillips Curve will shift to the left, and the accommodating monetary policy will raise inflation while lowering unemployment. b. The short-run aggregate supply curve will shift to the right, the short-run Phillips Curve will shift to the left, and the accommodating monetary policy will increase unemployment while lowering inflation. c. The short-run aggregate supply curve will shift to the left, the short-run Phillips Curve will shift to the right, and the accommodating monetary policy will raise inflation while lowering unemployment. d. The short-run aggregate supply curve will shift to the left, the short-run Phillips Curve will shift to the right, and the accommodating monetary policy will increase unemployment while lowering inflation.
Human capital is also known as
A. wages employees receive. B. the cost of collective bargaining. C. the cost of labor. D. education and skill levels.