The market demand for labor will be
A) insensitive to the wage rate in the short run.
B) downward sloping.
C) the inverse of the market demand for output.
D) perfectly inelastic.
Answer: B
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In the long run, the total variable cost of a firm:
a. is equal to its total fixed cost. b. is equal to its total cost. c. is equal to its average fixed cost. d. is more than its total fixed cost. e. is less than its total cost.
The price of bonds is tied to the interest rate; when one goes up, the other must fall
a. True b. False Indicate whether the statement is true or false
Refer to the above figure. The top two arrows of the figure refer to the product markets. The bottom arrows refer to the factor markets. Which arrow represents the total monetary value of all goods and services?
A. Arrow A B. Arrow B C. Arrow C D. Arrow D
Under a system of fixed exchange rates, what happens if a country's currency is overvalued?
A. The central bank gains official reserve assets. B. The central bank loses official reserve assets. C. The exchange rate rises. D. The currency appreciates.