The labor supply curve shows
a. how much output a firm will supply with a given amount of labor
b. how much labor a firm will want to hire at each wage rate
c. how much output people will want to buy if they supply a given amount of labor
d. how much labor a firm will need with a given amount of machinery and equipment
e. how many people will want jobs at each wage rate
E
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There is no market failure if
A. the marginal private cost curve is upward sloping. B. the demand curve (for a good or service) is downward sloping. C. the demand curve lies about the marginal private cost curve. D. marginal private costs are greater than the external costs associated with a negative externality. E. none of the above
________ of a foreign bank operates in the U.S. but cannot accept deposits from domestic residents
A) An agency office B) A universal corporation C) A McFadden corporation D) A Basel branch
A normative economic statement is
a. a statement of fact b. a statement of opinion which advocates a particular position c. not acceptable in the economics profession d. the only acceptable manner to present economic information e. a statement based upon government-supplied information
An increase in aggregate demand when the economy is operating at ________ is likely to result in an increase in the overall price level and ________ in output.
A. low levels of output; no change B. high levels of output; a large increase C. high levels of output; little or no increase D. low levels of output; a decrease