According to new classical school of economics, the aggregate supply curve is:
a. horizontal in both the short run and the long run.
b. vertical in the short run and upward-sloping in the long run.
c. upward-sloping in both the short run and the long run.
d. vertical in both the short run and the long run.
e. upward-sloping in the short run and vertical in the long run.
e
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One result of the minimum wage is
A) a black market for labor that pays more than the minimum wage. B) a black market for labor that pays less than the minimum wage. C) decreased job search activity. D) a decrease in unemployment among poor and unskilled workers. E) an increase in employment among poor and unskilled workers.
In principle, the government could increase the money supply or increase government expenditures to try to offset the effects of a wave of pessimism about the future of the economy
a. True b. False Indicate whether the statement is true or false
Law of demand
What will be an ideal response?
The legality of which of the following actions would be determined using the rule -of-reason?
A) an agreement with a competitor firm submit a high bid on a contract B) an agreement with a competitor firm to set prices C) an agreement with a competitor firm submit a low bid on a contract D) an agreement with a customer about the markets in which the customer is allowed to resell the product