Which of the following was NOT a creation of the Bretton Woods conference?
A) World Bank
B) IMF
C) IBRD
D) WTO
D
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The aggregate demand curve or schedule shows the relationship between the total demand for output and the ________.
A. income level B. price level C. interest rate D. real GDP
A network effect exists whenever
A) a firm's willingness to produce a particular good or service is influenced by the costs of inputs it must utilize in order to manufacture the item. B) a consumer?s willingness to purchase a particular good or service is influenced by how many others also buy or have bought the item. C) a firm's willingness to purchase a particular factor of production depends on the other types of inputs it utilizes to manufacture an item. D) a consumer's willingness to purchase a particular good or service is influenced by the prices of other complementary or substitute items.
Ad valorem taxation means
A) that only the value added by a service provider is taxed. B) that the tax rate is a percentage of the price paid for a product. C) a negative income tax. D) a progressive property tax imposed in some states.
Senator Approxmire opposes a proposal requiring that the monopsonist pay a minimum wage of at least Wmin, stating: "Even if the labor market is monopsonistic, economic theory unambiguously demonstrates that imposing a minimum wage causes employment to fall." Senator Approxmire is:
A. Correct because the law of demand states that as the wage rises, the firm demands less labor
B. Incorrect because the monopsonist would offer a wage of WA, which is higher than Wmin, and maintain its employment at L1
C. Incorrect because the monopsonist's effective MRC curve becomes ABCD, which means that it will choose to hire more workers, from L1 to L2, following the imposition of the minimum wage
D. Correct because the graph indicates that at the wage of Wmin, the monopsonist would not make a profit from hiring labor and so would not hire any at all