At the new equilibrium quantity of labor, the before-tax wage rate _________ and the after-tax wage rate __________.
Fill in the blank(s) with the appropriate word(s).
rises; falls
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A demand curve is a
A) graphical representation of the demand schedule. B) graphical representation of alternative demands. C) horizontal line connecting amounts demanded at various income levels. D) graphical relationship, that includes several things such as tastes, time, and supply.
Single-owner proprietorships often unintentionally exaggerate their profits because they
A) forget their explicit losses. B) look at after-tax instead of pre-tax costs. C) pay their bills late and therefore incur large interest charges. D) neglect to consider the opportunity cost of the owner's labor.
"Tit-for-tat" is
A) a form of prisoner's dilemma. B) the process in which games find equilibrium. C) a way to enforce a cooperative game. D) a child's game.
A reduction in the required reserve ratio has the instant effect of:
a. Increasing bank reserves. b. Increasing excess reserves. c. Increasing bank shareholders' equity. d. None of the above is correct. e. Increasing the monetary base.