How wages are determined is best described by
A. political and social forces (such as unions) only.
B. economic factors only.
C. government regulation only.
D. economic factors, with strong influences by political and social forces (such as unions).
Answer: D
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Which of the following is the most likely cause of a recession according to the real business cycle model?
a. an unanticipated change in the money supply. b. an increase in taxation, government spending, and regulation. c. a fall in expected profits. d. an anticipated change in the money supply. e. none of the above.
An American retailer purchased 100 pairs of shoes from a company in Mexico in the second quarter of 2016 but does not sell them to a consumer until the third quarter of 2016 . In which quarter(s) does(do) the value of the shoes add to U.S. GDP?
a. the second and third quarters b. the second quarter but not the third quarter c. the third but not the second quarter d. neither the second nor the third quarter