The Keynesian economic framework is based on the assumption that prices and wages are sticky and do not adjust quickly
a. True
b. False
Indicate whether the statement is true or false
True
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Sarah initially used her cell phone mostly to make important business calls
However, when she was informed that henceforth her phone bills would be reimbursed by her employer, she started using her cell phone to make frequent calls to her friends and relatives. This behavior is an example of ________. A) moral hazard B) a negative externality C) the prisoners' dilemma D) the free-rider problem
If the price of a good increases from $3 to $4, and the quantity demand remains unchanged, then the demand is
A) perfectly inelastic. B) perfectly elastic. C) somewhat elastic. D) infinite.
The figure above shows a labor market. If there is a monopsony in this labor market, employment is
A) 0 hours per week. B) 50 hours per week. C) 100 hours per week. D) 150 hours per week.
The slope of the budget constraint reveals the relative price of good X compared to good Y
a. True b. False Indicate whether the statement is true or false