The market supply curve for any particular category of labor is
A. steeper than the horizontal summation of the VMPL curves for that category of labor.
B. equal to the horizontal summation of the VMPL curves for that category of labor.
C. likely to be backward-bending.
D. likely to be upward sloping.
Answer: D
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Which of the following best describes how banks create money?
A) Banks charge higher interest rates on loans than they pay on deposits. B) Banks charge fees for providing financial advice. C) Banks make loans from reserves. D) Banks create checking account deposits when making loans from excess reserves.
The opportunity cost of owning a car is
A. the price of the car. B. filling the tank twice a week. C. the cost of getting your car inspected once a year. D. the vacation to Hawaii you had to give up in order to make your car payments.
The problem typically during a recession is not that there is too little money, but too little spending. If the problem was too little money, what would be its cause? If the problem was too little spending, what could be its cause?
What will be an ideal response?
Every economic model should include money as a variable. This statement is
A) true, because every transaction in the economy uses money. B) true, because the federal reserve is very important. C) false, because some transactions in the economy are transacted without money. D) false, because a model can get unnecessarily complex if it includes money.