When there is only one buyer of labor in a community, we talk of a
A. monopsony.
B. labor cooperative.
C. monopoly.
D. monopolistic market.
Answer: A
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Recall the Application. When applying the Taylor Rule to the decade of 2000, economist John Taylor found that compared to past experience, the Fed
A) raised interest rates much too high and much too quickly. B) should have maintained interest rates instead of raising them slowly. C) should have lowered interest rates at a much faster pace. D) was much too aggressive in lowering interest rates.
Price elasticity of demand is useful because it measures __________ responsiveness to changes in __________
a. taxpayers'; demand b. producers'; supply c. consumers'; price d. consumers'; demand e. producers'; income
The human-capital theory of education maintains that workers who complete specific levels of education enhance their productivity through education
a. True b. False Indicate whether the statement is true or false
Suppose an economy produces only burgers and bags of fries. In 2010, 4000 burgers are sold at $3 each and 6000 bags of fries are sold at $1.50 each. In 2008, the base year, burgers sold for $2.50 each and bags of fries sold for $2 each
a. nominal GDP is $22,000, real GDP is $21,000, and the GDP deflator is 95.45. b. nominal GDP is $22,000, real GDP is $21,000, and the GDP deflator is 104.77. c. nominal GDP is $21,000, real GDP is $22,000, and the GDP deflator is 95.45. d. nominal GDP is $21,000, real GDP is $22,000, and the GDP deflator is 104.77.