A monopsony has an upward sloping supply curve because
A) diminishing marginal product to scale does not exist in a monopsony.
B) each additional unit of labor costs less.
C) when more units of labor are hired, all laborers must receive the higher wage.
D) when more units of labor are hired, only the new workers receive the higher wage.
Answer: C
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When the U.S. dollar rises in value relative to the Mexican peso, the dollar has ________, and when the dollar falls in value, it has ________
A) grown; shrunk B) grown; shrunken C) been bullish; been bearish D) depreciated; appreciated E) appreciated; depreciated
Each Federal Reserve District has 9 directors. ____ are appointed by the member banks in the district and ____ are appointed by the Board of Governors of the Federal Reserve
a. 9; 0. b. 0; 9. c. 4; 5. d. 6; 3. e. 7; 2.
Why is trade an important source of economic progress?
a. It allows the trading partners to produce a larger joint output through specialization in the areas where they have a comparative advantage. b. It allows the trading partners to produce a larger joint output as the result of greater realization of cost reductions that accompany the adoption of mass production methods. c. It makes it possible to realize gains from the discovery and dissemination of innovative products and production processes. d. All of the above are correct.
Which of the following indicates the difference between the volume of exports and imports of a product?
A. Total trade B. Terms of trade C. Intra-industry trade D. Net trade