Which of the following statements is true of the market for labor?
A) In the market for labor, the supply curve is always more inelastic than the demand curve.
B) In the market for labor, there is a shortage of labor at the point of intersection of the labor demand and labor supply curves.
C) In the market for labor, there is a surplus of labor at the point of intersection of the labor demand and labor supply curves.
D) In the market for labor, both the equilibrium wage rate and quantity of labor are determined at the point of intersection of the labor demand and labor supply curves.
D
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The consumption of public goods is
a. excludable and rivalrous b. excludable and non-rivalrous c. non-excludable and rivalrous d. non-excludable and non-rivalrous
Although the law of diminishing returns is widely accepted in economics, it also ensures that the marginal revenue product must be positive
Indicate whether the statement is true or false
For this question, assume that the Fed is expected to respond to any event by keeping the interest rate constant (i.e., equal to its initial level). An unexpected tax increase will cause
A) stock prices to fall. B) stock prices to rise. C) no change in stock prices. D) an ambiguous effect on stock prices.
Assume a country has presidential elections every three years. If a political business cycle exists in this country, explain any differences in the average annual growth rates of output for each year of a typical administration
What will be an ideal response?