A monopsonist is a firm which
A. is a "sole-buyer" in an input market.
B. is a price taker in the labor market.
C. faces a horizontal demand curve for labor.
D. faces a downward sloping demand curve for its output.
Answer: A
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Refer to the below graph of the market for low-skilled labor. Sd is the supply of domestic resident workers, and St is the total supply of labor including undocumented workers. If there are illegal immigrants in the market, how many illegal immigrants will be employed?
A. 15M
B. 120M
C. 135M
D. 22M
List and briefly describe the five factors of production
What will be an ideal response?
Markets can fail when there is
A) a clear definition of property rights. B) common property. C) an absence of externalities. D) competition.
Which of the following is counted in GDP?
A. The cost of the reconstruction and cleanup following September 11, 2001 B. The value of leisure time C. The value of a househusband’s work at home D. The value of your do-it-yourself work