An economy that has a private sector and a public sector is called a ______________.
Fill in the blank(s) with the appropriate word(s).
mixed economy
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If real wages fall as output rises, then in the classical model it must be the case that
a. labor demand rose. b. labor demand fell. c. labor supply rose. d. labor supply fell. e. none of the above.
If the marginal propensity to consumer is 0.8, the spending multiplier must be:
A. 5 B. 2 C. 1.2 D. 1.8
Suppose that the Home country in the twosector (manufacturing and agriculture) specificfactors model has a comparative advantage in manufactured output. What is the effect on the return of land after trade occurs?
a. The return on land increases. b. The return on land decreases. c. The return on land does not change. d. The effect cannot be determined.
The aggregate supply and aggregate demand model is used to explain the:
A. overall health of the economy. B. way that unemployment may affect output, but not how price level does. C. overall effect of large markets within the economy. D. interaction of all sellers and all buyers within a particular market.