As banks create money, they create wealth
a. True
b. False
Indicate whether the statement is true or false
False
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The introduction of a new technology that increases the productivity of labor will:
A. increase the supply of labor. B. increase the demand for labor. C. decrease the demand for labor D. decrease the supply of labor.
A pharmaceutical company faces a price regulation where it cannot charge any higher than $5,000 for a lifesaving drug. The company knows that the patients put a high value on this product and are willing to pay up to $10,000 for it. The company will likely
a. Not do anything-it is prohibited by law to increase its price b. Bundle the drug with periodic blood testing, selling the bundle for $10,000 c. Require that the patients have the drug administered by the company's medical staff, for an additional $5,000 d. Both B&C
A backward-bending portion of an individual labor supply curve is most likely to be observed: a. at lower wages
b. at higher wages. c. in manufacturing industries. d. in service industries.
If a competitive firm is selling 500 units of its product at a price of $8 per unit and earning a positive profit, then
a. its average revenue is greater than $8. b. its marginal revenue is less than $8. c. its total cost is less than $4,000. d. All of the above are correct.