In the long run, a reduction in labor supply would cause output to ________ and the aggregate price level to ________
A) fall; rise
B) fall; fall
C) rise; fall
D) rise; rise
A
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. When you are faced with a lack of information concerning a purchase, you should
A. consider the opportunity cost of gaining more information. B. always seek out the most information you can before making a purchase. C. not make the purchase without complete information. D. None of these statements is true.
Foreign exchange refers to
a. trade with other countries. b. the currencies of other countries. c. the goods and services of other countries. d. the excess of exports over imports.
Figure 10-6
?
In Figure 10-6, which graph best illustrates an autonomous increase in consumption spending?
A. (1) B. (2) C. (3) D. (4)
When economists say investment is autonomous, they mean that investment is independent of the level of saving.
a. true b. false