The relationship between the wage and the quantity of labor that a given worker is willing to provide is called:
A. individual labor demand.
B. market labor demand.
C. individual labor supply.
D. market labor supply.
Answer: C
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Banks help savers find productive uses for their funds because banks are specialized in:
A. evaluating the riskiness of stocks. B. securing government guarantees for loans. C. obtaining preferential tax treatment for savers. D. gathering information about and evaluating potential borrowers.
When the Fed reduces the real interest rate, which of the following does NOT increase?
A) consumption B) investment C) government purchases D) net exports
The American Association of Retired Persons (AARP) provides checklists summarizing the voting and attendance records of legislators. Which of the following is true?
a. If the AARP's members were rational, it wouldn't have to do this. b. This policy is useless if AARP members are rationally ignorant. c. This policy is intended to reduce voters' rational ignorance by decreasing the cost of information. d. If AARP members read this information, their rational ignorance would be eliminated. e. If all voters in the nation read this information, their rational ignorance would be eliminated.
If the demand curve for open-heart surgery is vertical for people with serious heart conditions, then the demand for open-heart surgery is ________ with respect to price.
A. unit elastic B. inelastic C. perfectly inelastic D. perfectly elastic