If producers believe that the increase in their relative prices is small relative to the increase in the general price level, then the slope of the short-run aggregate supply curve will be
A) zero.
B) small.
C) large.
D) negative.
C
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When Hughes and Cain (2011) say that workers lacked an "economic identity" until the middle decades of the 19th century, they mean all of the following except
(a) Earlier in U.S. history, most adults were self-employed and, therefore, did not think of themselves as having common interests with laborers possessing views that workers should position themselves against employers. (b) Earlier in U.S. history, production was carried out in shops within the guild structure. The tight relationships among apprentices, journeymen, and master encouraged workers to think of themselves as sharing interests with employers. (c) The establishment of the factory system and its large size increased the net benefits of separating the interests of the workers and employers. (d) Earlier in U.S. history, the laws forbade workers from organizing to promote their own interests and, therefore, labor could not achieve a recognized identity.
Monetization of the deficit (or debt) means that
A. the government uses monetary policy to control the economy rather than fiscal policy. B. inflation accounting corrects for price increases. C. the Fed buys newly issued debt and increases the money supply. D. the amount of money in circulation is equal to the size of the debt.
The goal of an oligopoly is to maximize
A. Short-run profit to achieve long-run maximum revenue. B. Market share to achieve long-run economic profit. C. Profit in the short run and to minimize cost in the long run. D. Short-run profit to achieve long-run market share.
Because wages of sports stars can change frequently, their wages are considered:
A. auction prices. B. custom prices. C. sticky prices. D. irrational prices.