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5 Cards in this Set

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