In a competitive industry
a. firms sell more if price is above marginal cost
b. firms sell more is price is below marginal cost
c. firms sell less if price is above marginal cost
d. none of the above
a
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If, during the negotiations between the union and the management a strike occurs, it would be because
a. The union is trying to convince the management that it will stick to its strategy b. The management doesn't believe the union's threat c. All of the above d. None of the above
Assume we have a simplified banking system in balance-sheet equilibrium. Also assume that all banks are subject to a uniform 10 percent reserve requirement and checkable deposits are the only form of money. A commercial bank receiving a new checkable deposit of $100 would be able to extend new loans in the amount of:
a. $10. b. $90. c. $100. d. $1,000.
If labor supply decreases, what will happen to the real wage rate, employment, and real output, assuming no change in labor demand?
a. The real wage will increase, employment will decrease, and real output will increase. b. The real wage will decrease, employment will decrease, and real output will increase. c. The real wage will increase, employment will decrease, and real output will decrease. d. The real wage will increase, employment will increase, and real output will increase. e. The real wage will decrease, employment will increase, and real output will increase.
First-past-the-post voting entails:
A. one vote with many options, and the option that gets to 51% wins. B. one vote with many options, and the option with the most votes wins. C. voters ranking all available options and the option most approved of wins. D. a series of votes with two options; the winner of the first vote is paired with another option until all options have been voted on in pairs and there is one winner.