The new Keynesian economists believed that:
a. wages and prices are flexible in the short run.
b. wages are flexible but prices are not flexible in the long run.
c. wages are not flexible but prices are flexible in the short run.
d. wages and prices are not flexible in the short run.
e. wages and prices are not flexible in the long run.
d
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Although the McNary-Haugen bill never became law, it was widely discussed during the 1920s. Which of the following was NOT a provision of the bill?
a. government purchase of crops in order to raise agricultural prices b. government sale of excess crops on the world market c. payment for the program through capital gains taxes on business d. high tariffs on agricultural imports e. All of the above were provisions of the McNary-Haugen Bill.
Antitrust laws are designed to
a. preserve competition. b. protect the environment. c. protect the public's trust in the government. d. all of the above.
A firm increased its production and sales because the firm's manager rearranged the layout of his factory floor. This is an example of
A) positive technological change. B) inspired management. C) investment in human capital. D) economies of scale.
When the Federal Open Market Committee (FOMC) votes on policy, they do so
A) in the following order: the chair, the vice chair, the remaining FOMC members in alphabetical order. B) in order based on seniority at the Fed. C) in the following order: the chair, the vice chair, the remaining FOMC members by seniority at the Fed. D) in alphabetical order.