The equilibrium wage and quantity of labor in the market for skilled workers is determined by
A) the demand and supply of labor.
B) the strength of labor unions.
C) the market value created by the output of these skilled workers.
D) the monopsony power of firms.
A
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One method of correcting for ____ externalities is to create a ____ to make sure the market accounts for all costs and benefits
a. market failure; tax b. negative; tax c. positive; mechanism d. positive; tax e. negative; free market
The slope of a demand curve is almost always
a. positive, because when people buy more of a good the cost of producing it will rise. b. positive, because the more money a person has, the more of a particular good will be bought. c. negative, because when people buy more of a good the cost of producing it will fall. d. negative, because with everything else equal, the same people will buy more of a good when its price is lower. e. positive, because as the price rises, people want to sell more of the good.
If an economy's population grows at 3 percent and real GDP grows at 2 percent, then:
A. per capita real GDP is declining. B. the economy's standard of living is increasing. C. per capita real GDP is negative. D. per capita real GDP is growing.
Refer to the information provided in Figure 6.9 below to answer the question(s) that follow.
Figure 6.9Refer to Figure 6.9. The marginal utility of the fourth video game rental is
A. 0. B. 4. C. 8. D. 22.