The major determinant of an individual's income is
a. whether or not her family is wealthy.
b. how well she gets along with her co-workers and boss.
c. how productive she is combined with demand for what she produces.
d. how much she enjoys the work.
C
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Aggregate demand ________ and shifts the AD curve ________ when ________
A) increases; rightward; government expenditure increases B) increases; leftward; government expenditure increases C) decreases; leftward; foreign income increases D) increases; rightward; future expected profit decreases E) increases; rightward; taxes increase
The main difference between a monopsonist and a competitive buyer of labor is that
A) the monopsonist can hire as many workers as it wants at the going wage while the competitive firm must raise wages to hire additional workers. B) the competitive firm can hire as many workers as it wants at the going wage while the monopsonist can hire more workers at lower wages. C) the competitor can hire as many workers as it wants at the going wage while the monopsonist must raise wages to hire additional workers. D) the monopsonist can force wages down and still hire as many workers as it wants while the competitive firm must increase the wage rate to hire additional workers.
With constant returns to scale and factor prices invariant with the amount of factors used, the long-run output expansion path is
A. zero. B. a straight line. C. horizontal. D. U-shaped.
All of the following could immediately or eventually lead to an inward shift of a nation's production possibilities curve, except:
A. emigration of skilled workers to other nations. B. a decline in the birth rate. C. an increase in the average skill level of all occupational groups. D. depletion and reduced availability of major energy resources.