Everything else held constant, when output is ________ the natural rate level, wages will begin to ________, decreasing short-run aggregate supply
A) above; fall
B) above; rise
C) below; fall
D) below; rise
B
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What is an oligopoly? Give two examples of oligopolistic industries in the United States
What will be an ideal response?
The agency that was created to protect depositors after the banking failures of 1930-1933 is the
A) Federal Reserve System. B) Federal Deposit Insurance Corporation. C) Treasury Department. D) Office of the Comptroller of the Currency.
The costs of changing price tags and price listing are known as
a) inflation-induced tax distortions. b) relative-price variability costs. c) shoeleather costs. d) menu costs.
During a recession, tax revenues ________ while government transfer payments ________, thereby mitigating part of the adverse effects of a recession and stabilizing the economy.
A. fall; increase B. fall; decrease C. rise; increase D. rise; decrease