A firm hiring labor in a perfectly competitive labor market faces a:
A. downsloping labor supply curve and upsloping labor demand curve.
B. upsloping labor supply curve and downsloping labor demand curve.
C. upsloping labor supply curve and horizontal labor demand curve.
D. horizontal competitive wage curve and downsloping labor demand curve.
Answer: D
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In the figure above, households
A) receive transfers directly from governments. B) buy goods and services from governments in goods markets. C) receive transfers from governments through factor markets. D) sell factors of production to governments. E) pay taxes to governments through factor markets.
Which of the following would cause a decrease in the demand for U.S. dollars?
A. An economic boom in the United States B. An economic boom in Europe C. Increased vacations in the United States by Europeans D. A recession in Europe
Regression analysis that analyzes the relationship between one dependent variable and several independent variables is called:
A) simple regression analysis. B) correlation analysis. C) multiple regression analysis. D) cluster analysis.
Growth of output per person at a constant rate is referred to as ________
A) a balanced growth path B) a steady state C) a ratio scale D) an amplification effect