Most economists have argued that the persistence of high unemployment despite New Deal policies:
a. constitutes a complete repudiation of New Deal policies.
b. was the result of "sticky" wages.
c. was in part the result of pressures from government to maintain wages.
d. Both b and c are correct.
d. Both b and c are correct.
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In a market economy,
a. the government primarily determines the distribution of resources b. prices determine the allocation of resources c. what society produces is what it produced in the past d. resource costs increase as specialization increases e. absolute advantage is the primary determinant of resource allocation
The averaging equation of elasticity solves the problem of
a. whether price or quantity is in the numerator b. which price or quantity to use as a base for calculating percentage changes c. whether to use quantity supplied or demanded d. removing the negative sign e. whether to use income or price in the denominator