The labor supply curve
a. slopes upward to illustrate that more people will want to work as the real wage increases
b. slopes upward to illustrate that changes in the real wage are directly proportional to changes in the nominal wage
c. may slope either upward or downward, depending upon the real wage
d. slopes downward to illustrate that a decrease in the real wage decreases the number of individuals willing to work
e. slopes downward to illustrate that the availability of workers is directly proportional to the real wage
A
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When real GDP exceeds potential GDP, then the economy has
A) an inflationary gap. B) a below-full-employment equilibrium. C) a recessionary gap. D) None of the above answers are correct.
U.S. import spending is not affected by U.S. real income but is influenced by the economic activity of its major trading partners and the exchange rate, hence import spending is taken as autonomous
Indicate whether the statement is true or false
At any price the monopolist sets, it will sell:
A. as many as it wants. B. as many as demanders are willing to buy. C. more than a perfectly competitive market would sell. D. less than quantity demanded to keep the item rare.
If marginal revenue exceeds marginal cost, a profit-maximizing monopolist will
a. raise price and decrease output. b. lower price and increase output. c. reduce both output and price. d. hold output constant and raise price.