The reform movements that began in many Latin American economies in the late 1980s favored
A) competitive devaluations.
B) stronger military budgets.
C) imports substitution policies.
D) a stronger role for markets and more openness.
E) more government regulation of industry.
D
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The labor supply curve for a monopsony is
A) perfectly horizontal. B) perfectly vertical. C) upward sloping but not perfectly vertical. D) downward sloping.
For a monopoly, when the price effect outweighs the quantity effect of increased production:
A. the demand must be price inelastic. B. marginal revenue must be increasing. C. total revenues will increase. D. All of these statements are true.
Which of the following might decrease the supply curve of labor?
A. Elimination of discrimination against blacks. B. Elimination of discrimination against females. C. Easing licensing requirements. D. Increasing discrimination against any group.
The quantity theory of money of the Classical economists says that a change in the money supply will produce a:
A. proportional change in the price level. B. greater than proportional change in the price level. C. less than proportional change in the price level. D. wide variation in the velocity of money.