The market demand curve for labor
A) slopes downward.
B) slopes upward.
C) is vertical at the existing supply of labor.
D) is horizontal at the going wage rate.
Answer: A
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The principal-agent problem suggests that
A) principals and agents always have the same goals. B) principals and agents will never have the same goals. C) principals and agents are more likely to have the same goals if the principal gives the agent flexibility to make his own decisions. D) principals and agents are more likely to have the same goals if the agent's pay is tied to satisfying the principal's goals.
Which statement is true?
A. Employment discrimination plays virtually no role in determining the distribution of income. B. Training, education, and intelligence play a very large role in determining the distribution of income. C. In our society, it's basically who you know, rather than what you know that determines the distribution of income. D. None of these statements are true.
Which of the following statements best describes excess supply, or surplus?
a. The area between the supply and demand curves above the equilibrium point is called excess supply, or surplus. b. The area between the supply and demand curves below the equilibrium point is called excess supply, or surplus. c. The area between the supply and demand curves to the right of the equilibrium point is called excess supply, or surplus. d. The area between the supply and demand curves to the left of the equilibrium point is called excess supply, or surplus.
The financial system
a. involves bank accounts, mortgages, stock prices, and many other items. b. involves decisions and actions undertaken by people at a point in time that affect their lives in the future. c. coordinates the economy's saving and investment. d. All of the above are correct.