The short-run aggregate supply curve is positively sloped. Which of the following is not one of the explanations given in the text?
a. the misperception effect
b. Sticky wage theory
c. market effect
d. All of the above are explanations of the profit effect.
c
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The successes of the 1960s were ascribed to the effects of
A. classical policies from the 1800s. B. classical policies from the 1930s. C. classical policies from the 1950s. D. Keynesian policies from the 1930s. E. Keynesian policies from the 1950s.
Games with a noncooperative equilibrium:
A. always result in a negative-negative outcome. B. can result in either a positive-positive or negative-negative outcome. C. always result in a positive-negative outcome (zero-sum). D. always result in a positive-positive outcome.
An economy in which government bureaucracy decides how much of a good to produce, how to produce the good, and who gets the good is known as a:
A. mixed economy. B. centrally planned economy. C. laissez-faire economy. D. market economy.
The percentage change in the demand for one good divided by the percentage change in the price of a related good is the
A. cross price elasticity of demand. B. price elasticity of supply. C. price elasticity of demand. D. income elasticity.