A firm's demand curve for labor shifts when the
a. price of its output changes.
b. wage rate changes.
c. number of available workers changes.
d. All of the above are correct.
a
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Which of the following is true when an economy is in long-run equilibrium? a. Actual output can exceed potential output
b. Potential output can exceed actual output. c. Actual output must equal potential output. d. Real GDP must equal nominal GDP. e. Expected price level can exceed actual price level.
The bursting U.S. housing bubble of 2007 did not trigger an immediate recession, because
A. previous homeowners were able to move into apartments. B. FEMA provided trailers for use by distressed homeowners. C. the bubble only existed in relatively few locations. D. all of the options are correct.
"Because of rent seeking, a monopoly may end up making zero economic profit." Is the previous statement correct or incorrect? Why?
What will be an ideal response?
What is the difference between ordinal and cardinal measurement?
What will be an ideal response?