All of the following are characteristics of a monopsony employer except:
a. there is a single buyer of labor
b. the monopsony firm moves up the positively sloped supply curve it faces.
c. fewer number of workers hired for wages below what they would be in a competitive market.
d. workers work for less than their marginal revenue product.
b
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Which of the following could be considered an example of a monopsony?
a. a professional sports league b. the only auto repair shop in a small town c. a single mining firm that was the only employer in the area d. all of the above
GDP does not directly include:
a. the value of final goods and services produced, but not sold, during a period.
b. the value of services rendered during a period
c. the value of intermediate goods sold during a period.
d. any of the above.
Why are financial-sector crises scarier than collapses in other sectors of the economy?
A. Financial-sector crises happen more often than collapses in other sectors. B. If the financial sector fails, it can bring the whole economy down with it. C. The financial sector is the biggest sector. D. Most people work in the financial sector.
Which of the following will cause the production possibilities curve to shift inward?
A. An increase in knowledge. B. A technological advance. C. An increase in the working-age population. D. A decrease in the size of the labor force.