A firm's demand curve for labor coincides with the:
A. marginal cost curve.
B. average cost curve.
C. marginal revenue curve.
D. marginal revenue product curve.
Answer: D
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In the market for magazines, the "income effect" means that
A) magazines are usually purchased by people with higher than average incomes. B) a decrease in the price of a substitute product like books will make magazine readers feel a little poorer than they were before. C) an increase in the price of magazines will reduce the total purchasing power of magazine readers, making them able to afford fewer magazines. D) an increase in the price of magazines will raise the relative price of magazines to books, causing magazine readers to read more books and fewer magazines.
Which of the following countries experienced the sharpest fiscal contraction in order to gain admission to the Euro club?
A) Portugal B) Spain C) Italy D) France
During the bureaucratic bargaining process, if the legislature tries to counteroffer by saying it wants less output at a given price, the bureau's can employ the strategy of _____
a. saying no b. telling the legislature that reducing the output would endanger lives c. telling the legislature that at the lower output, the price per unit will be much higher d. making a counter-offer of more output at a lower price
A price floor policy establishes a minimum price for a market. Which of the following results from a binding price floor?
A) Equilibrium B) Excess demand C) Excess supply D) Shortage