Usually the demand for labor decreases (that is, the demand for labor curve shifts leftward) if the
A) wage rate increases.
B) wage rate decreases.
C) price of the firm's output rises.
D) prices of other factors fall.
D
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The newest fixed exchange rate system is the
A) European Monetary System. B) euro in the European Union countries. C) Bretton Woods system. D) gold standard.
The Federal Reserve System was founded in
When the reserve requirement is increased:
A. required reserves are changed into excess reserves. B. the excess reserves of member banks are increased. C. a single commercial bank can no longer lend dollar-for-dollar with its excess reserves. D. the excess reserves of member banks are reduced.
Behavioral economists suggest that brand-loyalty, which can be a source of monopoly power for the producer, may be explained by consumers' tendency to have the:
A. Anchoring effect B. Mental accounting effect C. Status quo bias D. Confirmation bias