When economists disagree about whether a policy is fair, they are expressing a difference in
values.
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In a store that sells souvenirs, suppose an agent receives a $1 commission for each unit sold, and the principal receives the residual profit. As a result
A) joint profit is maximized. B) the agent will sell until the principal's marginal cost equals $1. C) no agent would enter into such a contract. D) the agent wishes to sell as many units as he can.
While the short-run Phillips curve is upward-sloping, the long-run Phillips curve is downward-sloping
Indicate whether the statement is true or false
Shane just received a pay raise. Which of the following actions would be an example of the substitution effect on labor?
a. deciding to work extra hours b. deciding to spend more time on leisure c. deciding to purchase more expensive brands d. deciding to save more money for retirement
China is regarded as one of the emerging nations because
A. China has experienced high population growth. B. per capita real GDP is now higher in China than in the United States. C. economic and political freedoms in China are still limited. D. China has experienced high economic growth.