Marginal resource (labor) cost will exceed the wage rate when there is imperfect competition in the hiring of labor.
Indicate whether the statement is true or false.
Ans: True
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Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________, 
A. Rising; B; C B. Falling; A; C C. Falling; A; B D. Rising; A; C
According to the Taylor rule, the Federal Reserve raises the real interest rate as the output gap ________ or the inflation rate ________.
A. increases; decreases B. decreases; increases C. decreases; decreases D. increases; increases
Explain three ways in which imposing a quota on imports may reduce a country's overall economic well-being
What will be an ideal response?
Answer the following statements true (T) or false (F)
1. A nation needs an abundance of all productive resources in order to attain a high standard of living. 2. If a society is producing at a point on its production possibilities curve, it does not have the problem of scarce resources. 3. The process of specialization can be carried out by business firms as well as by regions and nations. 4. The extent to which a society can engage in specialization and exchange is limited by the size of the market.