A supply curve is defined as the relationship between:
A. the price of a good and the quantity that consumers are willing to buy.
B. the price of a good and the quantity that producers are willing to sell.
C. the income of consumers and the quantity of a product that consumers are willing to buy.
D. the income of consumers and the quantity of a product that producers are willing to sell.
Answer: B
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Suppose the labor market is in equilibrium. Which of the following statements is false?
A) The equilibrium wage rate is equal to the marginal revenue product of labor. B) Some workers will earn more than the equilibrium wage. C) At the equilibrium wage, the demand for labor is equal to the supply of labor. D) At the equilibrium wage, the quantity of labor demanded equals the quantity of labor supplied.
When the United States gives MFN status to China, it means that
A) China is treated better than other U.S. trading partners. B) China is treated the same as other U.S. trading partners. C) China is treated worse than other U.S. trading partners. D) China is better than all the nations in the WTO. E) China is legally bound to reciprocate.
Monopolies that price discriminate do so because
A) they are able to do so and no one else can. B) they can increase their profits. C) it keeps them out of trouble with the government. D) it is more efficient.
Keynesians believe that changes in the money supply can affect real GDP
Indicate whether the statement is true or false