To derive the labor demand curve for a particular market, one should ________ for all the firms in the market.
A. vertically sum the marginal product of labor curves
B. horizontally sum the value of the marginal product of labor curves
C. vertically sum the value of the marginal product of labor curves
D. horizontally sum the marginal product of labor curves
Answer: B
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The short-run aggregate supply curve shifts to the right when
A) output gap is higher. B) output gap is lower. C) expected inflation is higher. D) expected inflation is lower.
The Fed's discount lending is of three types: ________ is the most common category; ________ is given to a limited number of banks in vacation and agricultural areas; ________ is given to banks that have experienced severe liquidity problems
A) seasonal credit; secondary credit; primary credit B) secondary credit; seasonal credit; primary credit C) primary credit; seasonal credit; secondary credit D) seasonal credit; primary credit; secondary credit
If there are ten firms in a market and each has an equal market share, the Herfindahl-Hirschman Index (HHI) is ________.
A) 10,000 B) 1,000 C) 100 D) 1,500
"Everybody has a comparative advantage in something." Do you agree or disagree? Why?
What will be an ideal response?