The labor demand curve:
A. slopes up because of the law of demand.
B. slopes down because of the law of demand.
C. shifts out when wages fall.
D. shifts in when wages rise.
Answer: B
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Refer to Table 9-11. If the actual terms of trade are 1 hat for 1.8 clocks and 150 hats are traded, how many hats will Belize consume?
A) 100 B) 130 C) 250 D) 400
Empirical studies on velocity and money demand have limited usefulness for monetary policy because they often ignore
A) money supply effects. B) interest rate effects. C) inflation effects. D) lags in monetary policy.
If a country wanted to maximize the value of its output, each job should be carried out by the person who: a. has the highest opportunity cost
b. has a comparative advantage in that activity. c. can complete the particular job most rapidly. d. enjoys that job the least.
Cartels are
A. difficult to organize. B. difficult to preserve. C. especially unlikely to succeed if the members sell many varied products. D. All of the responses are correct.