In a supply-and-demand model of a labor market, which of the following should move toward an equilibrium wage and quantity?
a. cyclical unemployment
b. the labor market
c. the macro economy
d. sticky downward wages
b. the labor market
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A country opens up to trade and becomes an importer of a sugar. In the sugar market, consumer surplus will ________, producer surplus will ________, and total surplus will ________
A) increase; decrease; increase B) increase; decrease; decrease C) decrease; decrease; decrease D) decrease; increase; increase
Suppose that the required reserve ratio is 20 percent and you deposit $50,000 of currency into Comerica Bank
What is the potential increase in deposits in the banking system brought about by your deposit? What is the potential change in the money supply?
Economists who are primarily responsible for advising Congress on economic matters work in which agency?
a. the Federal Reserve b. the Congressional Budget Office c. the Department of the Treasury d. the Department of Commerce
A natural monopoly arises when
a. there are constant returns to scale over the relevant range of output. b. there are economies of scale over the relevant range of output. c. one firm owns a key natural resource. d. the government gives a single firm the exclusive right to produce a particular good or service.