What is the "price" commonly called in the labor market?
Answer: The price is called a wage in a labor market.
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The contingent valuation method involves
a. constructing a hypothetical market b. designing a valid survey instrument to gather WTP data c. evaluating the truthfulness of responses d. all of the above e. (a) and (c) only
Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
An important source of short-term funds for commercial banks are ________ which can be resold on the secondary market
A) negotiable CDs B) commercial paper C) mortgage-backed securities D) municipal bonds
The demand curve for the product of a perfectly competitive firm's demand curve indicates that if the firm
A) lowers its price, it can sell more. B) accepts the market-set price, the number of units the firm can sell is limited. C) raises its price, sales will fall to zero. D) changes its price, the quantity demanded will change in the opposite direction.