In macroeconomics, a period during which some resource prices, especially those for labor are fixed by explicit or implicit agreement is called:
a. expansionary gap
b. contractionary gap
c. short-run
d. long-run
c
You might also like to view...
Figure 5-13
In Figure 5-13, the line AB is
A. an indifference curve. B. a budget line. C. a marginal utility curve. D. a demand curve.
One of the ways the market for used cars copes with the problems associated with private information is through the offering of
A) leases. B) warranties. C) low interest rates. D) low prices.
The total value of U.S. Treasury bonds outstanding equals
A) the federal government deficit. B) the cyclically adjusted budget deficit. C) the federal government surplus. D) the federal government debt.
A monopolistic competitor behaving in a profit-maximizing way will
A) not advertise. B) advertise as much as it can in order to increase its sales. C) advertise to the point where the additional sales from advertising equal the additional marginal costs of the product. D) advertise to the point where the additional revenue from one more dollar of advertising just equals the extra dollar cost of advertising.