The relationship between the wage and the quantity of labor that a given worker is willing to provide is called:
A. individual labor demand.
B. market labor demand.
C. individual labor supply.
D. market labor supply.
Answer: C
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Suppose a country has no trade with other countries and people can borrow as many funds as they want at the current interest rate. An increase in the price level will generate
A) a decrease in total planned real expenditures because of the real-balance effect. B) a decrease in total planned real expenditures because the indirect effect will be stronger than the real-balance effect. C) a decrease in total planned real expenditures because the real-balance effect will be stronger than the indirect effect and the open-economy effect. D) a decrease in total planned real expenditures because of the open-economy effect and the indirect effect.
Which of the following barriers to entry can best explain the continued success of a product that has been shown to be, in some way, harmful to the health of consumers?
A) Patent. B) Consumer lock-in. C) Brand loyalty. D) Ownership of an essential resource.
In the simple deposit expansion model, if the banking system has excess reserves of $75, and the required reserve ratio is 20%, the potential expansion of checkable deposits is
A) $75. B) $750. C) $37.50. D) $375.
Which of the following is not a reason that the cost of owner-occupied housing is difficult to measure?
a) Housing is both an investment and consumption good b) Buying a house is a one-off expenditure, but the benefits of home ownership are spread over many years c) Owner-occupiers do not pay rent which is the most straightforward measure of the cost of housing d) House purchase, when it occurs, is too large a share of total spending e) Many countries do not have a well developed rental market from which to calculate imputed rents for owner occupiers