Imbalances in information can cause problems between:
A. buyers and sellers.
B. employers and employees.
C. lenders and borrowers.
D. All of these statements are true.
Answer: D
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The real wage will rise if the nominal wage
A. increases more rapidly than the prices of the goods and services it buys. B. falls at the same rate as the general price level. C. falls more rapidly than the prices of the goods and services it buys. D. increases at the same rate as labor productivity.
What is the output level predicted by the Cournot model? Discuss this in terms of the different market models that have been surveyed so far
What will be an ideal response?
Monopolistically competitive firms have downward-sloping demand curves. In the long run, monopolistically competitive firms earn zero economic profits. These two characteristics imply that in the long run
A) monopolistically competitive markets achieve productive efficiency. B) monopolistically competitive firms have excess capacity. C) monopolistically competitive firms earn economic profits. D) monopolistically competitive markets achieve allocative efficiency.
A characteristic of a modern economy is
A. self-sufficiency. B. specialization and exchange. C. a high percentage of people who make their living as jacks-of-all-trades. D. a high proportion of people employed in agriculture.