Workers often have ________ contracts and so their wages are ________.

A. long-term; flexible
B. long-term; sticky
C. short-term; sticky
D. short-term; flexible


Answer: B

Economics

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In the short run, a firm operating in a monopolistically competitive market

a. produces an efficient output level. b. chooses the maximum price to maximize profits. c. produces where marginal cost is minimized. d. chooses a price that exceeds marginal revenue.

Economics

This profit-maximizing firm is making a profit or loss of about __________.


A. $800
B. $710
C. $510
D. $310

Economics

Refer to the graph shown. The economy begins at a level of output of $50 billion and experiences a one-year recession in which output declines by 3 percent. By what rate must the economy expand to return to potential output by year 2?

A. About 3 percent B. About 9 percent C. About 6 percent D. About 4 percent

Economics

When media commentators refer to "tax and spend" policy, they are referring to

A. fiscal policy. B. automatic stabilizers. C. monetary policy. D. command and control policy.

Economics