The labor supply curve slopes ______, but at a high wage rate it bends ____ so that it slopes _______.
Fill in the blank(s) with the appropriate word(s).
upward to the right; upward; to the left
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In a(n) __________ insurance policy, the savings component pays a money market rate of interest that changes with market conditions
A) whole B) term C) universal D) variable
When a teacher in a private school points out to her high school principal that since there are empty seats in all classrooms, the cost of additional students is really zero, she is using the
A. law of comparative advantage. B. principle of marginal analysis. C. theory of externalities. D. notion of the cost decreases of the service sector. E. concept of opportunity cost.
According to the principle of diminishing returns to labor, if the amount of capital and other inputs are held constant, employing additional workers:
A. increases output at a constant rate. B. increases output at an increasing rate. C. decreases output at an increasing rate D. increases output at a decreasing rate.
If market participants believe next year's corn crop is likely to be unusually large:
A. it will be impossible to find someone to take the long position in a futures contract. B. the current spot market price of corn is likely to be above the futures price of corn. C. the current spot market price of corn is likely to be below the futures price of corn. D. it would be impossible to find someone to take the short position in a futures contract.