If labor markets are competitive, wages in those markets are determined by
A. neither supply nor demand.
B. demand only.
C. supply only.
D. the interaction of supply and demand.
Answer: D
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Consumer surplus is the:
a. amount by which the quantity supplied of a good exceeds the quantity demanded of a good. b. measure of consumes' willingness to buy a good plus the price of the good. c. measure of how much consumers value a good. d. amount consumers are willing to pay for a good minus the amount the consumers actually pays for it.
If the U.S. dollar depreciates in value relative to foreign currencies, then this will:
A. increase aggregate demand. B. cause a movement along the aggregate supply curve. C. cause a movement along the aggregate demand curve. D. decrease aggregate demand.
A television station reports that the price of coffee has increased but the quantity traded in the market has decreased. This situation would be caused by a(n):
A. Increase in demand B. Increase in supply C. Decrease in demand D. Decrease in supply
Starting from long-run equilibrium, a war that raises government purchases results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; potential C. higher; higher D. lower; higher