Assume that this graph illustrates a perfectly competitive labor market.
In this market, at a wage of $40:
A. approximately 175 worker hours would be hired.
B. the market would be in equilibrium.
C. firms would not be able to find enough workers to fill all their positions.
D. more people would want to work than number of job openings.
Answer: D
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When we consider growth rates of the variables, the growth of the price level (inflation) is equal to:
A. growth in nominal GDP. B. growth in real GDP. C. growth of the monetary aggregate. D. growth of the nominal supply of money minus the growth rate of real income.
In monopolistic competition, firms do not have to produce innovative products because they have downward-sloping demand curves
Indicate whether the statement is true or false
Recall the Application. In response to the financial crisis, the Fed implemented a new policy in which it began to pay interest on deposits held at the Fed
This move would ________ deposits held at the Fed and ________ the Fed's ability to make loans. A) increase; decrease B) decrease; decrease C) increase; increase D) decrease; increase
Owners of ________ have unlimited liability
A) partnerships and corporations B) corporations C) proprietorships and partnerships D) partnerships, proprietorships, and corporations