The constrained supply of labor refers to the amount a household ________ in a given period at the current wage rate.
A. is forced to work
B. would like to work
C. actually works
D. chooses not to work
Answer: C
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In the prisoners' dilemma game, when each player takes the best possible action given the action of the other player, ________
A) a competitive equilibrium is reached B) one player denies and one player confesses C) both players deny D) a Nash equilibrium is reached
When economic profits are negative in a perfectly competitive industry,
a. we would expect the market supply curve to shift to the left as a result. b. we would expect the market supply curve to shift to the right as a result. c. we would not expect any change in the market supply curve to result. d. we would expect that the market demand curve to shift left as a result
We say that money is a medium of exchange because it represents:
A. something you can use to purchase goods and services. B. something you can directly offer, like any good or service, in exchange for some good or service you want. C. a certain amount of purchasing power held over time. D. a standard unit of comparison.
New classical macroeconomics developed from the
A. discrepancies between classical theory and the Great Depression. B. theoretical and empirical critiques of traditional economics. C. global transition from agrarian to industrial economies. D. conversion form closed to open economies.