Which factor receives the profit from production?
A. Land
B. Labor
C. Capital
D. Entrepreneurship
Answer: D
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"He [the producer] intends only his gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention." What is the "invisible hand" referred to in this statement?
a. the elasticity of the market demand curve b. the power of government when decisions are made democratically c. the guidelines and regulations set for his industry by the government d. the incentive structure accompanying market prices
Which of the following would shift a market labor supply curve to the right?
a. an increase in the price of output b. an increase in immigration c. a labor-saving technological change d. a decrease in the wage rate
When workers purchase more leisure and work less at higher wages, the supply curve is
A. vertical. B. horizontal. C. positively sloped. D. backward bending.
The quantity of reserves demanded decreases as the federal funds rate rises because
A. people want more liquid assets as the federal funds rate rises. B. the price of bonds rise as the federal funds rate rises. C. the opportunity cost of holding excess reserves increases as the federal funds rate rises. D. people want more money to invest as the federal funds rate rises.