Which of the following statements is true?
a. A monopsony is the only employer of a factor of production.
b. A monopsony will pay workers a higher wage and employ fewer workers than a competitive labor market.
c. A monopsony has a marginal factor cost curve which lies below its supply curve of labor.
d. Unions are becoming a greater influence in American labor markets.
e. All of these.
a
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If the economy is operating on the long-run aggregate supply curve, then expansionary fiscal policy will
A) generate higher prices in the short run, but will induce aggregate supply to increase in the long run. B) generate an increase in real GDP and higher prices in the short run, but then real GDP will decrease to its long-run level, and the price level will increase some more. C) generate an increase in real GDP without higher prices in the short run, but then real GDP will return to its long-run level, and the price level will increase. D) generate an increase in real GDP and higher prices in both the short run and the long run.
If an economy is characterized by increasing opportunity costs, increasing the production of S by constant amounts results in a constant decrease in the production of T
Indicate whether the statement is true or false
Darryl graduated with honors from college. However, he obtained his outstanding grades by cheating on every final exam with help from his best friend; Darryl actually has the talent of a C student. Nevertheless, he gets a job with a top accounting firm in Boston. The fact that he is hired illustrates a failure of
a. comparable worth b. signaling and screening c. marginal productivity d. supply and demand e. specialization
Under a balanced budget policy, a sharp decline in GDP will cause
a. no serious budget changes. b. a tax cut or an increase in expenditures. c. a tax increase or expenditure cut. d. tax receipts to exceed government expenditures.