We don't typically see wages __________ in response to an economic upswing because ____________.
A. rise; they are "sticky," and are slow to respond to shifts in the economy
B. rise; they cannot rise above the equilibrium in any circumstance
C. fall; they are "sticky," and are slow to respond to shifts in the economy
D. fall; they cannot fall below where they were previously set due to inflation
A. rise; they are "sticky," and are slow to respond to shifts in the economy
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Speculators believing cocoa prices are going to be higher next year will
A) buy cocoa futures, cause the expected future price of cocoa to fall, and induce some additional cocoa to be stored for future consumption. B) buy cocoa futures, cause the expected future price of cocoa to rise, and induce some additional cocoa to be stored for future consumption. C) sell cocoa futures, cause the expected future price of cocoa to fall, and induce some additional cocoa to be stored for future consumption. D) sell cocoa futures, cause the expected future price of cocoa to rise, and induce some additional cocoa to be stored for future consumption. E) sell cocoa futures, cause the expected future price of cocoa to fall, and induce greater current consumption of cocoa.
In common value auctions
a. Every bidder know the value of the object being sold b. Each bidder makes the same estimate of the value of the good c. All bidders know the estimates of the others d. The true value of the item is common across bidders
The amount by which potential GDP exceeds actual GDP is one measure of the:
A. opportunity cost of cyclical unemployment. B. difference between real and nominal income. C. natural rate of unemployment. D. difference between real and nominal GDP.
What line in the above graph would best represent the supply curve for land?
A. 1
B. 2
C. 3
D. 4