The marginal factor cost curve for a monopsony:
A. is the labor supply curve.
B. lies below the labor supply curve.
C. lies above the labor supply curve.
D. is unrelated to the labor supply curve.
Answer: C
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The experience of Paul Volcker's fight against inflation during the late 1970s and early 1980s indicates that firms and workers
A) had adaptive expectations. B) had rational expectations and that they trusted Fed announcements. C) preferred high unemployment to high inflation. D) Both A and B are correct answers.
Refer to the graphs shown. If consumers began purchasing more of this product due to a decrease in price, this would be shown by arrow:
A. A. B. B. C. C. D. D.
Suppose that increased international trade makes product markets more competitive in the U.S. Given this information, we would expect to observe which of the following?
A) an upward shift in the WS curve B) a downward shift in the WS curve C) an upward shift in the PS curve D) a downward shift in the PS curve E) none of the above
Which of these would be a fiscal policy the government might want to use if the economy is operating at too high a level of output?
A. Increasing income tax rates B. Increasing the money supply and lowering interest rates C. Increasing government purchases of goods and services