A perfectly discriminating monopsonist
A. pays the equilibrium wage to all workers.
B. faces an increasing value of the marginal product curve.
C. receives zero profit in the long run.
D. pays each worker his or her reservation wage.
E. disregards minimum wage laws.
Answer: D
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There is statistical evidence to suggest that under English rule, colonists experienced
(a) financial chaos. (b) economic harm in terms of commerce, trade and investment. (c) growth and prosperity. (d) all of the above.
The money multiplier:
A. Is equal to the required reserve ratio times transactions deposits. B. Gets larger as the required reserve ratio increases. C. Is the reciprocal of the required reserve ratio. D. Represents the lending capacity of an individual bank.
To estimate the value of a statistical life, economists sometimes look at the decisions that people make that will change their risk of death. For example, people may accept a more dangerous job in exchange for higher pay. This method of determining the value of a statistical life is known as
A. the trade-off method. B. the actuarial method. C. revealed preference. D. stated preference.
Which of the following is not part of Hernando de Soto's The Other Path?
A. Reducing taxes. B. Encouraging the "underground" economy. C. Enforcing laws to safeguard private income. D. Improving infrastructure.