If the graph shown is displaying a competitive labor market:
A. D would represent the workers' demand for jobs at each wage.
B. Q* would represent the equilibrium wage.
C. P* would represent how many people are employed in the market.
D. Q* would represent the equilibrium number of workers in the market.
D. Q* would represent the equilibrium number of workers in the market.
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Average costs _______initially due to the presence of fixed costs and then rise due to _________
a. fall; decreasing marginal costs b. fall ; increasing marginal costs c. rise; decreasing fixed costs d. rise; increasing fixed costs
Comparative advantage indicates that:
a. specialization and exchange will permit trading partners to maximize their joint consumption. b. a nation can gain from trade only if it is not at an absolute disadvantage in producing all goods. c. a nation can gain from trade only when its trading partners are not low-wage countries. d. countries should export products for which they are high-opportunity cost producers.
Which of the following affects the marginal physical product of labor?
a. a worker's abilities and degree of work effort b. the amount of capital available per worker c. the technical know-how of the management of the firm d. all of the above
The American Recovery and Reinvestment Act of 2009 was implemented primarily to:
A. reduce inflationary pressure caused by oil price increases. B. curb the overspending by households that contributed to the Great Recession. C. bring the federal budget back into balance. D. stimulate aggregate demand and employment.