A Rolling Stones song goes: "You can't always get what you want." This echoes an important theme from microeconomics. Which of the following statements is the best example of this theme?
A. Consumers must make the best purchasing decisions they can, given their limited incomes.
B. Firms in market economies have limited financial resources.
C. Workers do not have as much leisure as they would like, given their wages and working conditions.
D. Workers in planned economies, such as North Korea, do not have much choice over jobs.
A. Consumers must make the best purchasing decisions they can, given their limited incomes.
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When prices do not change very much, the income-expenditure model can be used to understand economic fluctuation in the
A) long run. B) fiscal year. C) short run. D) federal budget allocation.
An increase in the expected rate of inflation would
A) shift the short-run Phillips curve upward. B) shift the short-run Phillips curve downward. C) shift the long-run Phillips curve to the right. D) shift the long-run Phillips curve to the left.