Because a monopsony is the only buyer in a particular market, the
A) supply of labor to the monopsony is perfectly elastic.
B) supply of labor to the monopsony is perfectly inelastic.
C) supply of labor curve faced by the monopsony is upward sloping.
D) supply of labor curve faced by the monopsony is downward sloping.
C
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When people use all the relevant data and principles of economics to forecast inflation, they are making
A) what is called a "data-based forecast." B) an always accurate forecast. C) a mistake. D) what is called a "rational expectation." E) an exaggerated forecast.
The most important policy implication of the Classical growth model is that:
A. budget deficits will stimulate economic growth. B. policies to slow population growth will accelerate economic growth. C. policies to stimulate saving and investment will stimulate economic growth. D. policies to stimulate technological development will stimulate economic growth.
If nominal GDP doubles and the GDP deflator doubles, then real GDP
a. remains constant. b. doubles. c. triples. d. quadruples.
Which primary trade partner of India suffered setbacks that ultimately helped lead India to embark on economic reform?
A) The United Kingdom B) The United States C) The Soviet Union D) South Korea