A Cournot duopoly firm's labor demand curve
A) lies below that of a monopoly.
B) lies above that of a monopoly but below that of a competitive firm.
C) lies above that of a competitive firm.
D) is tangent to the labor demand curve of a monopoly.
B
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Advocates of flexible exchange rates claim that under flexible exchange rates, a currency
A) appreciation caused by increasing the money supply would reduce unemployment by lowering the relative price of domestic products. B) depreciation caused by increasing the money supply would increase unemployment by lowering the relative price of domestic products. C) depreciation caused by increasing the money supply would reduce unemployment by lowering the relative price of domestic products. D) depreciation caused by increasing the money supply would reduce unemployment by increasing the relative price of domestic products. E) depreciation cause by decreasing the money supply would not effect unemployment, but would increase the relative price of domestic products.
Using Figure 1 above, if the aggregate demand curve shifts from AD2 to AD1 the result in the long run would be:
A. P4 and Y1. B. P4 and Y2. C. P5 and Y1. D. P5 and Y2.
Specializing and participating in international trade allows an economy to: (check all that apply)
a. diver high-skilled resources toward low-valued services. b. increase the quantities of capital and consumer goods available to society. c. circumvent the output limits imposed by its own production possibilities curve. d. get more of the desired good by sacrificing greater amounts of some other good.
The set of skills, knowledge, experience, and talent that determine people's productivity as workers is called:
A. physical capital. B. human capital. C. investment. D. educational training.