If wages and prices adjust rapidly, we would expect expansionary monetary policy to be
A) more likely to affect the unemployment rate.
B) more likely to reduce the natural rate of unemployment.
C) less likely to affect the unemployment rate.
D) less likely to result in a vertical short-run Phillips curve.
C
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A price support leads to inefficiency because
A) output is more than the efficient, equilibrium quantity. B) the marginal benefit of the last unit produced is larger than the marginal cost. C) the price charged is less than the equilibrium price. D) producer surplus is less than consumer surplus. E) producers must pay a subsidy to the government.
In the figure above in the market for high-skilled labor, the equilibrium wage rate is
A) $16. B) $8. C) $20. D) $28.
Which of the following was NOT a part of Chandler's (1977) description of the rise of big business in the 19th century?
(a) Vertical integration of firms (b) The development of mass production (c) The development of mass distribution (d) The use of central planning to improve production techniques
The fundamental invention underpinning the recent productivity acceleration is the:
A. fuel cell. B. microchip. C. Internet. D. personal computer.