Other things being equal, a ____ supply of workers tends to ____ real wages
a. larger; decrease
b. smaller; decrease
c. larger; increase
d. smaller; not change
a
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In the HO model, the production possibility frontier is bowed out due to the assumption of
A) identical tastes. B) different factor intensities in the production of the two goods. C) increasing returns to scale. D) Two of the above.
Which of the following is a component of aggregate demand?
A. Net exports B. Income C. Government revenues D. Taxes
In the language of game theory, a situation in which each person must consider how others might respond to his or her own actions is called a
a. quantifiable situation. b. cooperative situation. c. strategic situation. d. tactical situation.
In contrast with perfect competition, excess capacity characterizes monopolistic competition. Excess capacity is due to which of the following?
A) Monopolistically competitive firms face downward-sloping demand curves. In the long run, firms produce where their demand curves are tangent to their long-run average total cost curves.
B) Monopolistically competitive firms produce at the minimum point on their average total cost curves.
C) Monopolistically competitive markets have low barriers to entry.
D) Monopolistically competitive firms produce where marginal revenue is equal to marginal cost.