An association of workers that presents itself as a single seller of labor on the labor market is called a
a. monopsony
b. monopoly
c. labor union
d. minimum wage
e. labor supply curve
C
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In the neoclassical growth model, if two countries are exactly the same but one has a higher savings rate, we would expect that country to have
a. higher output, a higher capital-to-labor ratio, and higher output growth in the steady state. b. higher output, a higher capital-to-labor ratio, and the same output growth in the steady state. c. the same output and capital-to-labor ratio, but higher output growth in the steady state. d. higher output, the same capital-to-labor ratio, and the same output growth in the steady state.
In a competitive industry, the competitive firm's profits are
a. independent of the industry in which they compete b. closely linked to the industry in which they compete c. determined only by their own differentiated product d. determined solely by the inelastic demand for their product
An increase in labor productivity shifts the
A) AD curve rightward. B) AD curve leftward. C) short-run aggregate supply (SRAS) curve leftward. D) SRAS curve rightward. E) none of the above
The accompanying figure shows a a single consumer's demand for ice cream at the student union.
During the summer, there are 300 students on campus. Each student's weekly demand for ice cream is shown above. When the price of ice cream is $2.00 per scoop, those 300 students purchase a total of ________ scoops per week from the student union.
A. 3,000 B. 1,500 C. 1,800 D. 1,200