Monopsonists tend to exploit the resources as they are the sole employers of the resources
a. True
b. False
Indicate whether the statement is true or false
True
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Which of the following examples would most likely rely on location to differentiate a product?
a. a woman’s clothing store b. a producer of pens c. a construction company d. a cherry orchard
If short-run equilibrium output equals 10,000, the income-expenditure multiplier equals 10, the mpc equals 0.9, and potential output (Y*) equals 9,000, then taxes must be increased by approximately ________ to eliminate any output gap.
A. 90 B. 111 C. 100 D. 1,000
If the demand for cigarettes is inelastic, a per-unit tax on cigarettes will cause the quantity demanded to:
A. rise proportionally more than the increase in price caused by the tax. B. fall proportionally more than the increase in price caused by the tax. C. fall proportionally less than the increase in price caused by the tax. D. rise proportionally less than the increase in price caused by the tax.
An appreciation of a nation's currency is
A. a situation in which exchange rates are allowed to fluctuate in the open market in response to changes in supply and demand. B. the decrease in the exchange value of one nation's currency in terms of another nation. C. a nation in which households, firms, and governments buy and sell national currencies. D. the increase in the exchange value of one nation's currency in terms of an other nation.