The monopsonistic exploitation of labor refers to
A. the union wage differential.
B. the reduction in total output from monopoly in the product market.
C. workers being paid a wage less than their marginal revenue product.
D. the reduction in employment resulting from union wage setting.
Answer: C
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During normal times, discretionary fiscal policy
A) is probably not very effective in influencing real GDP due to time lags. B) is more effective in influencing real GDP than automatic stabilizers. C) works well because there are no lag problems in influencing real GDP. D) is more effective in influencing real GDP than at times of a recession.
If all international factor payment flows are investment income, then net investment income from abroad equals
A) net exports. B) the current account balance. C) the trade balance. D) net income from abroad.
The government office that declares official periods of recession and depression is the:
A. National Bureau of Economic Research. B. Bureau of Labor Statistics. C. Congressional Budget Office. D. Federal Reserve Board.
Each C + I + G + (X ? IM) expenditure schedule is drawn assuming a specific
a. income level. b. spending level. c. production level. d. price level.