A firm that exists as a separate legal being is
a. a sole proprietorship
b. a corporation
c. a partnership
d. likely to be a small, family-run business
e. still dependent on its owners in many ways
B
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Refer to Table 4-7. If a minimum wage of $11.50 an hour is mandated, what is the quantity of labor demanded?
A) 40,000 B) 570,000 C) 610,000 D) 1,180,000
The worker-misperception explanation of the SRAS curve is used to explain why
A) SRAS curves shift to the right B) SRAS curves shift to the left C) the AD curve cannot change the price level if the SRAS curve is operational. D) the SRAS curve slopes downward. E) none of the above
Normally, a firm's borrowing cost is the expected real interest rate, which takes expected inflation into account. With price stickiness, however, the firm will consider only:
a. expected inflation. b. expected wages. c. the nominal rate of interest. d. the expected appreciation of the asset.
Continuous inflation requires repeated ________ shifts of the SAS curve, accompanied by continuous ________ of price expectations.
A. leftward; upward adjustments B. rightward; downward adjustments C. inward; downward adjustments D. None of the above, inflation is primarily a demand side phenomenon.