When the quantity demanded of labor exceeds the quantity of labor supplied, the market wage rate is
a. below equilibrium
b. above equilibrium
c. at its equilibrium level
d. equal to the workers' MRP
e. equal to the workers' opportunity cost
A
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Generating electricity creates air pollution. This industry, if left unregulated, will produce
A) more than the efficient level of output. B) the efficient level of output. C) less than the efficient level of output. D) sometimes more and sometimes less than the efficient level of output.
In the contemporary U.S. economy, the best example of fiat money would be
A) coins issued by the U.S. Treasury. B) deposits at all depository institutions. C) deposits at commercial banks, but not deposits at other depository institutions. D) Federal Reserve Notes.
To increase output, policymakers can _____ the money supply, _____ taxes, and/or _____ government purchases
Fill in the blank(s) with correct word
Borrowers who took out mortgages in the 1960s:
A. were harmed by the unexpected low inflation rates of the 1970s. B. benefited from the unexpectedly high inflation rates of the 1970s. C. were harmed by the unexpectedly high inflation rates of the 1970s. D. benefited from the unexpected low inflation rates of the 1970s.