In Keynes' view, labor unions would resist wage cuts, but individual employees would go along with wage cuts initiated by his/her employer
Indicate whether the statement is true or false
False
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Wages are paid to ________ and interest is paid to ________
A) entrepreneurs; capital B) labor; capital C) labor; land D) entrepreneurs; land E) labor; entrepreneurs
Which one of the following would be recorded as a credit in the U.S. balance of payments accounts?
a. the purchase of an European-made car by an American b. the purchase of insurance from Lloyd's of London by an American business firm c. the purchase of an American-made computer by an European business d. the purchase of Japanese bonds by an American investor
Are federal budget deficits related to trade deficits?
A) Yes. Higher deficit spending goes up resulting in more government borrowing, and foreign residents who lend funds to the U.S. government have fewer resources to spend U.S. export goods. B) Yes, but only if the quality of U.S. goods and services is deteriorating. C) Yes. If U.S. consumers buy too many imported goods, they do not have funds to save, and a budget deficit results. D) No. The budget deficit is entirely a domestic matter, while the trade deficit only affects U.S. citizens who travel abroad.
A firm's ______ are costs that are incurred even if there is no output. In the short run, these costs _____ as production increases.
A. fixed costs; increase B. fixed costs; do not change C. variable costs; increase D. variable costs; do not change