The perfectly competitive model is most likely to apply to a labor market in which
a. many well-informed firms must negotiate with one dominant labor union
b. there are a few firms, and they are uninformed about the attributes of each worker
c. there are many workers currently in the market who must negotiate with one dominant firm
d. there are many well-informed workers and firms, and each worker appears the same to firms
e. one dominant labor union must negotiate with one dominant firm
D
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Monopolistically competitive firms
a. are guaranteed to earn short-run economic profit b. may earn short-run economic profits, although long-run economic profit is typically zero c. may earn economic profit both in the short run and in the long run d. earn zero economic profit both in the short run and in the long run e. can only earn an economic profit in the inelastic portion of their demand curves
Under the expenditure approach to GDP accounting, government purchases of goods and services include welfare payments
a. True b. False Indicate whether the statement is true or false
In the national savings and investment identity framework, an inflow of savings from abroad is, by definition, equal to _______.
a. private sector investment b. the trade surplus c. the trade deficit d. domestic household savings
The entity that purchases a bond is called the
a. debtor b. creditor c. bond-purchasing agent d. bond licensee e. c and d