An increase in workers' wealth causes
a. the supply curve of labor to shift to the right
b. the supply curve of labor to shift to the left
c. the supply curve of labor to stay the same
d. an upward movement along the supply curve of labor
e. a downward movement along the supply curve of labor
B
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In the figure, the equilibrium price is initially $3 per bushel of wheat. If buyers come to expect that the price of a bushel of wheat will rise in the future, but sellers do not, the current equilibrium price will
A) rise. B) not change. C) fall. D) Perhaps rise, fall, or stay the same, depending on whether there are more demanders or suppliers in the market.
Which of the following is a reason why firms can be more efficient than markets as coordinators of economic activity?
A) economies of scale and scope B) higher transactions charges C) elimination of the principal-agent problem D) all of the above
A Gini coefficient of zero indicates:
A. there is no income being earned. B. Computed correctly the Gini coefficient only has values greater than zero. C. perfect inequality. D. perfect equality.
Which of the following is not an example of a principal trying to solve the moral-hazard problem? The principal
a. calls the agent's references. b. installs hidden cameras to monitor the agent's behavior. c. pays the agent efficiency wages. d. pays the agent a year-end bonus.