A firm's demand for labor is downward sloping because of
A) diminishing marginal productivity of labor.
B) diminishing marginal utility.
C) price pressure.
D) workers' increased willingness to work at a higher wage.
A
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The self-correcting tendency of the economy means that rising inflation eventually eliminates:
A. unemployment. B. exogenous spending. C. recessionary gaps. D. expansionary gaps.
When determining interest rates, the loanable funds model is more useful when we are concerned with the determinants of the ________, and the money market model is more useful when we are concerned with the determinants of the ________
A) long-term real interest rate; short-term nominal interest rate B) short-term real interest rate; long-term nominal interest rate C) short-term real interest rate; short-term nominal interest rate D) long-term real interest rate; long-term nominal interest rate
The value of unpaid work by a homemaker ________ included in GDP and the value of housekeeping services sold in a market ________ included in GDP.
A. is not; is B. is; is not C. is; is D. is not; is not
The market supply curve is found by
A. estimating what the supply curve would be of one huge firm large enough to serve the entire market. B. horizontally summing up the supply curves of individual firms. C. vertically summing up the equilibrium prices of individual firms. D. surveys of consumer groups.