The quantity of labor an individual supplies to any market
a. always increases as the market wage rate rises
b. is contingent upon the wage rates offered in other labor markets
c. always decreases as the market wage rate rises
d. could never be zero over the realistic range of wage rates
e. depends only on the opportunity cost of the individual's time in other labor markets
B
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A New Keynesian firm produces the output at which
A) marginal revenue equals zero. B) marginal cost equals zero. C) its selling price equals marginal cost. D) marginal revenue equals marginal cost.
Refer to Table 15.1. The budget deficit for Arugula in 2012 is
A) $135 million. B) $195 million. C) $380 million. D) $600 million.
When externalities cause markets to be inefficient,
a. government action is always needed to solve the problem. b. private solutions can be developed to solve the problem. c. given enough time, externalities can be solved through normal market adjustments. d. there is no way to eliminate the problem of externalities in a market.
The four components of aggregate expenditure are:
A. consumption, investment, government purchases, and net exports B. consumption, investment, government transfers, and net interest. C. spending on domestic goods, domestic services, foreign goods, and foreign services. D. spending on durable goods, inventory investment, government debt, and net exports.