Labor costs usually increase at an increasing rate at high levels of output for all of the following reasons except
a. labor productivity begins to decline
b. the marginal gains from specialization decrease
c. the price of labor rises as more workers are hired
d. the workers hired later may not be as qualified
e. fuel costs begin to increase as more output is produced
E
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In the loanable funds market, the supply comes from
A) saving, the government budget surplus and international borrowing. B) only saving and the government budget surplus. C) only saving. D) only the government budget surplus and international borrowing.
Money can BEST be described as:
A) anything that is generally accepted as payment for goods and services or in the settlement of debts. B) paper that can be used to purchase goods and services C) commodities that have intrinsic value D) any form of wealth possessed by consumers
Cross-price elasticity is used to determine whether goods are substitutes or complements
a. True b. False Indicate whether the statement is true or false
Which of the following is not an example of market failure?
a. Extreme income inequality b. Efficient equilibrium c. Lack of competition d. Externalities