Which of the following will have a downward impact on efficiency wages?
a. Low monitoring costs
b. Excess supply in the labor market
c. High equilibrium wage rate
d. Excess demand in the labor market
A
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If a tax is imposed in a market in which demand is perfectly inelastic
A) the buyers pay the entire tax. B) the sellers pay the entire tax. C) the buyers and the sellers both pay a portion of the tax. D) neither the buyer nor the seller pays the tax.
When fiscal policy makers wish to reduce aggregate demand, they could enact:
A. contractionary monetary policy. B. expansionary monetary policy. C. contractionary fiscal policy. D. expansionary fiscal policy.
Goods that are not excludable include both
a. private goods and public goods. b. club goods and common resources. c. common resources and public goods. d. private goods and club goods.
Refer to the information provided in Figure 8.9 below to answer the question(s) that follow. 
Figure 8.9
Refer to Figure 8.9. If the market price of hay falls to $18, then to maximize profits this farmer should produce
A. 350 bales of hay. B. 500 bales of hay. C. 750 bales of hay. D. a level of output that is indeterminate from this information.