The belief that wages are "sticky downwards" was held by:
A. Keynes, but not the classical macroeconomic theorists.
B. neither Keynes nor the classical macroeconomic theorists.
C. the classical macroeconomic theorists, but not Keynes.
D. both Keynes and the classical macroeconomic theorists.
Answer: A
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Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher
Short run market supply curves are formed by adding up individual firm supply curves in the industry.
Answer the following statement true (T) or false (F)
Consider the following statements:
a. Car owners purchase more gasoline from a gas station that sells gasoline at a lower price than other rival gas stations in the area. b. Banks do not take steps to increase security since they believe it is less costly to allow some bank robberies than to install expensive security monitoring equipment. c. Firms produce more of a particular DVD when its selling price rises. Which of the above statements demonstrates that economic agents respond to incentives? A) a only B) b only C) c only D) a and b E) a, b, and c
Refer to the given information. The financial account items for Zippo are:
The plus items below are "export-type" entries and the minus items are "import-type" entries in the balance of payments for the hypothetical country of Zippo.
A. 1, 2, 3, and 4.
B. 1, 3, 4, 5, 7, and 9.
C. 6 and 8.
D. 1, 2, 4, 7, and 9.