More rigid government regulations and union contracts in Western Europe contribute to greater ________ in Western Europe than in the United States.
A. real GDP per capita.
B. unemployment
C. wage inequality
D. real wage growth
Answer: B
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Supply-side inflation is caused by
A) an increase in aggregate demand and no change in aggregate supply. B) a decrease in aggregate supply and no change in aggregate demand. C) a decrease in aggregate demand and no change in aggregate supply. D) an increase in aggregate supply and no change in aggregate demand.
Explain how trade with other countries is beneficial
Consider two restaurants located next door to each other: Quick Burger and The Sunshine Café. If Quick Burger opens a drive-through window, the increased traffic and noise will bother customers seated outside at The Sunshine Café. The table below shows the monthly payoffs to Quick Burger and The Sunshine Café when Quick Burger does and does not operate a drive-through window. Quick Burger Operates aDrive-Through WindowQuick Burger Does NotOperate Drive-Through WindowQuick Burger$24,000$15,000The Sunshine Café$11,000$23,000If Quick Burger has the legal right to operate a drive-through, and Quick Burger and The Sunshine Café CANNOT negotiate with each other, then will Quick Burger operate a drive-through window?
A. No, because it would lower the payoff for The Sunshine Café. B. Yes, because Quick Burger's payoff is higher when it operates a drive-through. C. No, because it is not socially efficient to operate a drive-through. D. It cannot be determined.
A price ceiling set below the market clearing price will tend to cause which of the following?
A) a surplus B) a shortage C) an increase in demand D) a reduction in supply