In the above table, if the marginal revenue product is $14, how many workers will the profit maximizing monopsonist hire?
A) 2
B) 3
C) 4
D) 5
A
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A country that has an absolute advantage in producing all goods will ________
A) have a comparative advantage in some goods but not all B) produce all goods at lowest opportunity cost C) have a comparative advantage in all goods D) not gain from specialization and trade
In the circular flow model, the value of total production for an economy ________ the value of total expenditures on final goods and services
A) equals B) is less than C) may be greater than or less than D) is greater than
The Laffer Curve demonstrates that _____
a. at some level of tax rates, tax revenues decline b. there is no relationship between tax rates and tax revenue c. there is no relationship between tax rates and labor supply d. at some level of tax rates, labor supply declines
When demand increases,
a. consumers are willing and able to purchase more of the good at every price b. consumers are willing and able to purchase less of the good at every price c. there is a movement to the right along the demand curve d. this is referred to as a change in quantity demanded e. the price will tend to fall