Which of the following statements is true?
A) At wages above the equilibrium wage rate, quantity supplied of labor exceeds the quantity demanded of labor.
B) At wages below the equilibrium wage rate, quantity supplied of labor exceeds the quantity demanded of labor.
C) At the equilibrium wage rate, quantity supplied of labor exceeds the quantity demanded of labor.
D) At the equilibrium wage rate, quantity demanded of labor exceeds the quantity supplied of labor.
A
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The value of net exports increases when the value of ________
A) exports of goods and services minus imports of goods and services decreases B) imports of goods and services increase C) imports of goods and services decrease D) exports of goods and services decrease
Ordinarily, governments attempt to promote competition in markets. Why do governments use patents to block entry into some markets when this prohibits competition?
A) Politicians sometimes succumb to pressure from lobbyists to grant favors to businesses for political reasons. B) Patents are an important source of government revenue. C) Patents are justified because they are an important means for creating network externalities. D) Patents encourage firms to spend money on research necessary to create new products.
If a monopoly firm reduced the price of its product, which of following must have been true?
A. MR > MC B. MR < MC C. MR > AR D. MC > AR
The Federal Reserve System is divided into how many districts?
A. 7 B. 5 C. 1 D. 12