The optimal level of employment for a monopsonist is set at the point where the
A. marginal factor cost equal to the MRPL.
B. supply of labor equals the marginal factor cost.
C. wage rate equals the VMPL.
D. wage rate equals the marginal factor cost.
Answer: A
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Legislation that provides a subsidies for tobacco growers is an example of
a. public-interest legislation b. competing-interest legislation c. a positive-sum game d. special-interest legislation e. concentrated-costs legislation
In 2014, the Italian adult non-institutionalized population was 38.8 million, the labor force was 25.4 million, and the number of people employed was 22 million. According to these numbers, the Italian labor-force participation rate and unemployment rate were about
a. 65.5% and 13.4% b. 65.5% and 8.8% c. 56.7% and 13.4% d. 56.7% and 8.8%
Flour is an input used to produce bread. Suppose that the price of flour rises. As a result
A. the supply curve for flour will shift to the right. B. the supply curve for bread will shift to the left. C. the supply curve for bread will shift to the right. D. the supply curve for flour will shift to the left.
Figure 36-3
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Which of the situations illustrated in Figure 36-3 shows the effects of a currency appreciation leading to a recession?
A. 1 B. 2 C. 3 D. 4