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
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This profit-maximizing firm is making a profit or loss of about __________.
A. $800
B. $710
C. $510
D. $310
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
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.
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.