A household's reservation wage is the ________
A) lowest wage rate at which the household will supply labor
B) wage at which the household's labor supply curve bends backward
C) wage rate at which the household's income is largest
D) highest wage rate at which the household will supply labor
A
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Suppose the market for bottled water is served by two oligopolists. If they reach an agreement to restrict production and charge a price above marginal cost, then:
A. neither firm will have an incentive to cheat on the agreement since it benefits them both. B. they will earn a larger profit than a monopolist would have earned. C. they will charge a higher price than a monopolist would have charged. D. their agreement is likely to eventually collapse.
Use the following table to answer the next question.YearReal GDPPopulation2008$20,000200200940,000400201060,000400201170,000500In 2011 real GDP per capita equals ________.
A. $140 B. $7,000 C. $100 D. $70,000
If American imports run chronically above our exports, a trade deficit develops
a. True b. False Indicate whether the statement is true or false
The political incentive structure tends to
a. encourage a balanced budget regardless of economic conditions. b. discourage budget deficits during recessions. c. encourage budget surpluses during both recessions and expansions. d. encourage budget deficits during both recessions and expansions.