The purpose of the Keynesian analysis is to explain what determines the
a. size of the labor force.
b. price level.
c. amount of money required in the economy.
d. levels of national income, output, and employment.
d. levels of national income, output, and employment.
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A decrease in the interest rate, other things being equal, causes a (an)
Professional baseball teams in the United States use only wooden bats. If aluminum bats were permitted, the impact on the wooden bat market would be
A. a higher price for wooden bats. B. a lower price for wooden bats. C. an increase in the number of firms producing wooden bats. D. higher wages for workers in the wooden bat industry.
Comparative advantage is the ability, compared with another producer
A) to produce more of a product with the same resources. B) to use fewer inputs to produce the same amount of a product. C) to produce a higher-quality product with fewer resources. D) to produce an additional unit of a product at lower opportunity cost.
Suppose you received a 5 percent increase in your nominal wage. Over the year, inflation ran about 2 percent. Which of the following is true?
a. Your real wage increased. b. Your nominal wage decreased. c. Both your nominal and real wages decreased. d. Although your nominal wage rose, your real wage decreased.