Keynesians identify three principal motives for demanding money. They are the:
a. transactions demand, precautionary demand, and liquidity motive.
b. transactions demand, precautionary demand, and convertibility motive.
c. transactions demand, speculative demand, and volatility motive.
d. transactions demand, speculative demand, and liquidity motive.
e. transactions demand, speculative demand, and precautionary demand.
e
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An increase in the real wage rate ________ the quantity of labor demanded and ________ the quantity of labor supplied
A) decreases; increases B) increases; increases C) decreases; decreases D) increases; decreases E) does not change; does not change
Opportunity cost is defined as
A) the highest valued alternative that must be given up to engage in an activity. B) the benefit of an activity. C) the total value of all alternatives that must be given up to engage in an activity. D) the monetary expense associated with an activity.
The structure of a firm can fail in similar ways to market failure
Indicate whether the statement is true or false
If Taiwanese workers can produce all goods at lower wages than American workers, then
A. Americans can still gain by trading with Taiwan. B. Americans can only lose if they import from Taiwan. C. Taiwan can only lose if it trades with America. D. there are no gains from trade that are possible in this case. E. Americans should be self-sufficient.