The United States has been willing to trade-off greater efficiency for greater wage equality.
Answer the following statement true (T) or false (F)
False
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If the cross elasticity of demand between two goods is negative, are the goods substitutes or complements?
What will be an ideal response?
Suppose the supply of Malaysian rubber decreases. If U.S. producers purchase this rubber as an input, in the United States, this would cause a
A) rightward shift of the AD curve. B) leftward shift of the AD curve. C) rightward shift of the SRAS curve. D) leftward shift of the SRAS curve.
The point on a linear demand curve where revenue is maximized is where
A. the price is the highest. B. elasticity equals 0. C. elasticity equals -1. D. elasticity equals infinity.
An economy eliminates a recessionary gap by reducing wages and prices.
Answer the following statement true (T) or false (F)