The elasticity of labor supply does not depend on
A. The prices of consumer goods.
B. Expectations for income or consumption.
C. The demand for labor.
D. Income and wealth.
Answer: C
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Since classical economists and monetarists believe that the economy operates at full employment, real GDP, that is, along the vertical segment of aggregate supply:
a. any increase in the money supply can only end up raising the price level. b. any increase in the money supply can only end up lowering the price level. c. any decrease in the money supply can only end up raising the price level. d. changes in the money supply will not affect the price level. e. any increase in the money supply will cause both nominal and real GDP to increase.
Generally, specialization leads to
A) constant opportunity costs. B) greater productivity. C) the production of fewer capital goods. D) greater self—reliance.
If an important assumption is omitted from an economic model,
A) the model's predictions will be accurate 50% of the time. B) the model's predictions will be inaccurate. C) the model will not predict anything. D) the model will be rejected by other economists.
Unplanned inventories increase when
A) aggregate planned expenditure is less than GDP. B) actual aggregate expenditure is greater than aggregate planned expenditure. C) actual aggregate expenditure is equal to GDP. D) actual aggregate expenditure is less than GDP. E) real GDP is less than aggregate planned expenditure.