Which of the following statements is true of a frictionless labor market?
A) The quantity of labor demanded always exceeds the quantity of labor supplied.
B) Firms can instantly hire and fire workers.
C) The quantity of labor supplied always exceeds the quantity of labor demanded.
D) All firms pay below the equilibrium wage rate.
B
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If the basket of goods and services used to calculate the CPI cost $200 in the reference base period and $450 in a later year, the CPI for the latter year equals
A) 200. B) 225. C) 325. D) 450.
Which of the following is not a reason why the Industrial Revolution occurred when and where it did?
A) The British government was able to more easily seize wealth. B) Institutional changes by the British government helped protect wealth. C) The British government was committed to upholding private property rights. D) The British government was able to eliminate arbitrary increases in taxes.
Distinguish between a change in demand and a change in quantity demanded
What will be an ideal response?
A firm that does business all over the world is called a(n)
a. multinational corporation. b. international conglomerate. c. competitive corporation. d. government-owned business.