Refer to the given information. The marginal resource (labor) cost of the third worker is:
Answer the question on the basis of the following supply information facing a single firm in a particular labor market:
A. $15.
B. $25.
C. $35.
D. $45.
B. $25.
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Budget constraints exist for consumers because
a. their utility from consuming goods eventually reaches a maximum level b. even with unlimited incomes, they have to pay for each good they consume c. they have to pay for goods and they have limited incomes d. prices and income are inversely related e. demand curves for goods generally slope downward
Which of the following statements about monetary policy is correct?
a. Whatever happens with aggregate supply and aggregate demand in the long run, monetary policy can be used to prevent inflation from becoming entrenched in the economy in the short and medium term. b. Whatever happens with aggregate supply and aggregate demand in the short run, monetary policy can be used to prevent inflation from becoming entrenched in the economy in the medium and long term. c. Whatever happens with aggregate supply and aggregate demand in the short and medium run, monetary policy can be used to prevent inflation from becoming entrenched in the economy in the long term. d. Whatever happens with aggregate supply and aggregate demand in the medium and long run, monetary policy can be used to prevent inflation from becoming entrenched in the economy in the short term.
Economic analysis suggests that patent laws that can often be used to limit the entry of potential competitors into an industry
a. redistribute income from consumers to business decision makers without affecting the allocation of resources. b. may be a source of business monopoly power, but they may also encourage innovation in the long run. c. encourage product development and the adoption of cost-reducing technologies in the short run but in the long run generally lead to business monopoly. d. help inventors at the expense of consumers in the long run.
When an insurance company pays 20% of the bill for health care services, this
A. reduces demand and makes demand less elastic. B. reduces supply. C. reduces demand. D. makes demand less elastic.