In terms of aggregate supply, the short run is a period in which:
A. the price level is constant.
B. employment is constant.
C. real output is constant.
D. nominal wages and other resource prices are unresponsive to price-level changes.
D. nominal wages and other resource prices are unresponsive to price-level changes.
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The demand for most agricultural products tend to be price inelastic
a. True b. False
Global warming, which causes unfavorable climatic changes due to the burning of fossil fuels, would be an example of a(n): a. positive externality
b. negative externality. c. internalized externality. d. Coase externality.
The productivity slowdown in the United States can be explained by the use of social media, many are used for personal enjoyment rather than industrial productivity.
Answer the following statement true (T) or false (F)
According to ________ models, the level of employment is determined primarily by prices and wages.
A. command system B. Marxist C. Classical D. Keynesian