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5 Cards in this Set
- Front
- Back
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To compare the purchasing power of the minimum wage between two years you can...?
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Divide minimum wage by CPI to get real wage in '82-'84 prices.
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Suppose widgets are inferior goods. If incomes in the widget market decrease
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the demand for widgets increase.
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Shortages of goods in markets tend to be eliminated because...
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buyers and sellers respond by bidding a price until the shortage is gone.
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An increase in spending on imports by consumers is likely to...
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decrease aggregate demand, reducing GDP growth and inflation.
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In the goods market, if prices and wages adjust to equilibrium instantly...
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the aggregate supply curve is perfectly inelastic and recessions are impossible.
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