Which of the following explains the slope of the demand curve for labor?
a. the marginal productivity theory
b. the law of diminishing marginal product
c. the practice of featherbedding
d. the result of monopsony
b. the law of diminishing marginal product
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An increase in the demand for labor means that
A) the demand for labor increases as a result of an increase in the real wage rate. B) the demand for labor increases at any real wage rate. C) the supply of labor must also be increasing. D) the demand for labor increases as a result of a decrease in the real wage rate.
The world trading system combines negotiated agreements that promote trade liberalization called ________ with binding agreements called ________ that block tariff increases
A) fiscal policies; monetary policies B) truces; aggressions C) free trade; enforcement contracts D) levers; ratchets E) wheels; walls
The price elastic portion of the linear demand curve lies:
a. b and c. b. above the point of unit elasticity. c. anywhere to the left of current market prices. d. below the point where total revenue is maximized. e. at the intersection with the supply curve.
Which of the following goods' prices are not considered when calculating core inflation?
A. food B. housing C. clothing D. entertainment