Suppose bad weather in Florida unexpectedly results in a much smaller citrus crop than had been projected. This would tend to cause the labor supply curve for citrus pickers to
A) shift to the left, causing the labor demand curve to shift to the left.
B) remain unchanged, and the wage rate would tend to increase.
C) shift to the right, causing the labor demand curve to shift to the right.
D) remain unchanged, and the wage rate would tend to decrease.
D
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A bank is in the position to make loans when required reserves
A. are less than actual reserves. B. are greater than actual reserves. C. equal actual reserves. D. equal excess reserves.
The benevolent social planner is based on an actual 19th century economist named Karl Marx
Indicate whether the statement is true or false
According to your text, there are substitutes for any scarce good,
A) but some demand curves are vertical. B) but the elasticity of demand for most goods is zero. C) but the law of demand only holds for inexpensive goods. D) but it often takes time for consumers to seek out useful substitutes.
Whenever there is adverse selection without signaling or screening, there will be a missing market.
Answer the following statement true (T) or false (F)