In an economy with higher and more variable inflation, the new classical model would predict that the short run aggregate supply curve would
a. be horizontal.
b. be more horizontal.
c. be steeper.
d. shift more rapidly.
A
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If a labor market that was previously competitive becomes controlled by a monopsony, the wage rate ________ and employment ________
A) rises; increases B) falls; decreases C) rises; decreases D) falls; increase
The industrialized group of countries has growth rates that are consistent with the findings of the economic growth model
That is, Taiwan, Korea, and Singapore had ________ incomes in 1960 than the United States and Switzerland, and Taiwan, Korea, and Singapore grew ________ than the United States and Switzerland between 1960 and 2010. A) lower; more rapidly B) greater; more rapidly C) greater; less rapidly D) lower; less rapidly
Rent seeking reduces our economy's overall efficiency by
a. getting government to adopt legislation that actually reduces production b. disseminating market information c. lowering taxes d. getting voters more interested in politics e. reducing equity
Which of the following is the best example of a monopolistically competitive market?
a. Wheat. b. Automobiles. c. Diamonds. d. Retail sales.