Because it is based on the demand for products, the demand for labor is called
a. a substitution demand
b. a complementary demand
c. an income demand
d. a derived demand
e. a marginal demand
D
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With respect to diffusion of responsibility,
A) the larger the group, the more likely that any one individual will act. B) the larger the group, the less likely that any one individual will act. C) the size of the group has no bearing on the likelihood of any one individual to act. D) individuals are likely to take no action only if the group of individuals is small.
Japan experienced periods of deflation—a declining price level—during the 1990s. During a deflationary period, which would be higher: nominal GDP or real GDP? Why? Assume that the base year of choice is prior to the deflationary period
What will be an ideal response?
For a monopolist, at the profit-maximizing level of output price is:
A. equal to marginal revenue. B. equal to marginal cost. C. chosen according to demand. D. constant.
If the Fed sells securities on the open market, this will
a. decrease banks’ excess reserves. b. increase banks’ excess reserves. c. leave banks’ excess reserves unchanged. d. lower the reserve requirement.