In a perfectly competitive labor market, the labor supply curve facing the firm will be
A) upward sloping.
B) downward sloping.
C) horizontal.
D) vertical.
Answer: C
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The assumption that people act in their best self-interest means people
a. do what gives them the greatest benefits at the lowest costs. b. are selfish. c. do what gives them the smallest benefits at the greatest costs. d. are irrational.
A bank may lend an amount equal to its
A. Total assets. B. Total reserves. C. Required reserves. D. Excess reserves.
Goods and services sold to foreign buyers are
A. Exports. B. A trade embargo. C. The terms of trade. D. Imports.
Assume that the owners of the only gambling casino in Wisconsin spend large sums of money lobbying state government officials to protect their gambling monopoly. Economists refer to these expenditures as:
A. Rent-seeking B. Price discrimination C. X-efficiency D. Network effects