Which of the following could be an institutional barrier to employment?
a. all of the above
b. minimum wages
c. labor unions
d. licensing requirements
a. all of the above
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The gap between the value a monopsony places on the last worker hired and the wage paid will increase when
A) the supply curve becomes more elastic at the optimum. B) the supply curve becomes less elastic at the optimum. C) the supply curve becomes horizontal. D) the value of the last unit of labor hired is greater than the cost.
When market wages increase in a perfectly competitive market, then
A) the marginal factor cost increases. B) the marginal product increases. C) the marginal factor cost decreases. D) the marginal product decreases.
A reduction in the rate of inflation is called:
a. deflation. b. disinflation. c. hyperinflation. d. cost-push inflation.
Gross domestic product (GDP) equals the ________ of final ________ produced within a country during a given period of time.
A. market value; goods B. market value; goods and services C. quantity; goods and services D. market value; services