The demand curve for labor will shift whenever
A) the demand for the final product changes.
B) the wage rate changes.
C) the supply curve of labor shifts.
D) the marginal factor cost changes.
Answer: A
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A period of time in which the overall business activity is rising at a rapid rate is known as
A) inflation. B) hyperinflation. C) an expansion. D) a contraction.
One of the defining characteristics of an oligopoly is that:
A. the strategic interactions between a firm and its rivals have a major impact on its profits. B. no single firm has an impact on the market as a whole. C. there are only a few buyers in the market. D. there are no barriers to entry to the market.
Cyclical unemployment refers to
a. the portion of unemployment created by job search. b. short-run fluctuations around the natural rate of unemployment. c. changes in unemployment due to changes in the natural rate of unemployment. d. the portion of unemployment created by wages set above the equilibrium level.
The M1 money supply is defined to be the sum of currency, and
A. checkable deposits. B. Treasury bonds. C. savings accounts. D. large time deposits.