Which of the following statements is true?
A.
Short-run economic fluctuations are made worse because prices are flexible
B.
Short-run economic fluctuations would be less severe if prices were inflexible
C.
If prices were fully inflexible, there would be no short-run economic fluctuations
D.
If prices were fully flexible, there would be no short-run economic fluctuations
D.
If prices were fully flexible, there would be no short-run economic fluctuations
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Economic growth solves the problem of scarcity.
Answer the following statement true (T) or false (F)
Which of the following statements correctly describes a perfectly competitive market?
A) In a perfectly competitive market, individual sellers and buyers can influence the market price. B) All participants in a perfectly competitive market are price takers. C) Haggling and bargaining is commonly observed in a perfectly competitive market. D) Buyers in a perfectly competitive market pay different prices according to their individual demand.
Flat tax critics
A. Object to the elimination of tax deductions and credits. B. Believe it would reduce vertical inequities. C. Object to the government control over the mix of output that it would cause. D. Believe it would reduce horizontal inequities.
Which of the following groups does not have an interest in restricting free trade?
A. People who buy the imported product. B. Producers in import-competing markets. C. Communities where workers in import-competing markets live. D. Workers in import-competing markets.