For a monopsonist, as the number of workers hired increases, the
a. wage rate falls due to the increase in supply
b. MLC curve and the labor supply curve get further apart
c. MLC curve and the labor supply curve get closer together
d. total labor costs fall
e. first workers continue to get paid less than the new workers
B
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The source of gains from trade is
a. tariffs b. self-sufficiency c. autarky equilibrium d. absolute advantage e. comparative advantage
If an economist finds that when consumer incomes increase, consumers buy more cars, Ceteris paribus, then
A. the price of cars must be decreasing. B. all other things remain constant. C. the price of gas must be decreasing. D. the interest rate on car loans must be decreasing.
Increased labor productivity shifts the production possibility curve away from the origin.
Answer the following statement true (T) or false (F)
Table 34-1 ? Alternate Outputs from One Day’s Labor Input ? Wheat ? Textiles United States ? ? ? (one person’s/day’s labor) 12 bushels or 3 yards ? ? ? ? Great Britain ? ? ? (one person’s/day’s labor) 3 bushels or 12 yards ? From Table 34-1, the opportunity cost of one bushel of wheat in Great Britain is
A. 1/4 yard of textiles. B. 3 yards of textiles. C. 12 yards of textiles. D. 4 yards of textiles.