The supply curve of labor to a monopsonist is
A) upward sloping.
B) downward sloping because of the law of diminishing marginal returns.
C) downward sloping, but not because of the law of diminishing marginal returns.
D) horizontal.
A
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Refer to the figure above. Which of the following best describes a method to compensate the group that was made worse off when Barylia opened to free trade?
A) The buyers could be taxed and the tax revenue could be used to compensate the sellers. B) The sellers could be taxed and the tax revenue could be used to compensate the buyers. C) Barylia could sell the calculators at a price below the domestic equilibrium price in the global market. D) Barylia could sell the calculators at a price above the world price in the global market.
Until the 1980s, most of the national debt was
a. owned by foreigners. b. acquired either during wars, especially World War II, or during recessions. c. owned by banks. d. financed by printing money.
You hold a put option on December corn with a strike price of $4.00/bu. The December corn futures price is $4.75/bu. The intrinsic value of the option is:
A. $4.00/bu B. $0.00/bu C. $0.75/bu D. -$0.75/bu
Using Figure 1.5 above, we know the production of 3 units of soda and 2 units of pizza is 
A. possible, but there would be unemployed. B. possible, but only if all resources were fully employed. C. impossible because we have the technology but do not have the resources. D. impossible because we have the resources but do not have the technology.