Suppose the average productivity of workers in Country A is equal to that of workers in Country B. If Country A has higher total efficiency units of labor than Country B, it implies that ________
A) Country B has a larger supply of workers B) Country A has a larger supply of workers
C) Country B has a larger stock of capital D) Country A has a larger stock of capital
B
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Use the following graph for a pure monopoly operating in the short-run to answer the next question.
To maximize profits, this firm should charge a price of ________.
A. 0B B. 0C C. 0A D. not labeled on the graph
The Federal Reserve fears that the United States economy is growing too slowly and is stuck in a recession. To move the economy back to its potential GDP, the most likely policy action for the Fed is to ________ the federal funds and thus ________
A) raise; increase aggregate demand B) raise; decrease aggregate demand C) lower; increase aggregate supply D) lower; decrease aggregate supply E) lower; increase aggregate demand
If a person writes a check on a bank to purchase a new Oldsmobile, he is employing money as:
A. a medium of exchange. B. a store of value. C. a measure of value. D. All of the choices are correct.
The principal-agent problem arises in labor markets because:
A. a firm may realize excessively large profits. B. workers may provide less-than-expected work effort. C. compensating wage differences do not pay for differences in the nonmonetary aspects of jobs. D. human capital investments vary among workers.