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According to the _____________________ argument, a market-oriented economy has no obvious way to implement a plan of systematic wage reductions.  

. _______________________ happens when the economy is producing at its potential and unemployment is at the natural rate of unemployment.

Question 5. a)

. From a macroeconomic point of view, which of the following is a source of demand for financial capital?

The underlying reason why trade benefits both sides of a trading arrangement is rooted in the concept of            .  

  The price elasticity of demand measures the:

. ________________ economists place an emphasis on __________ run economic performance.

Question 5. b)

The term _______________ refers to a firm operating in a perfectly competitive market that must take the prevailing market price for its product.  

__________________ are ways that a nation can draw up regulations, inspections, and paperwork to make it more costly or difficult to import products.