A pure monopsonist
A. is the sole buyer of a particular good or resource in a given market.
B. can adjust only quantity produced and so is a price-taker in the input market.
C. purchases as many units of input as it desires without influencing the per unit price of the input.
D. confronts a perfectly elastic supply curve of the input.
A. is the sole buyer of a particular good or resource in a given market.
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Major macroeconomic issues include differences across countries in all of the following EXCEPT:
A. unemployment rates B. infant mortality rates C. economic growth rates D. inflation rates
The labor supply curve of an inclusive union is perfectly ______.
Fill in the blank(s) with the appropriate word(s).
Recall the Application about the lack of property rights in Peru, and why clear property rights are important for economic growth in developing countries, to answer the following question(s). According to this Application, clear property rights are important for economic growth, because without a clear title to property:
A. the property cannot be used as collateral for loans. B. people will not reside on the property. C. no utilities will be available for the property. D. the property has no value.
The Phillips curve is
A. a positive relationship between price stability and constant, small-increment changes in the fiscal policy on the part of the Fed. B. a negative relationship between the inflation rate and the unemployment rate, at least in the short run. C. a positive relationship in the long run between the rate of inflation and the rate of unemployment. D. a positive relationship between the unemployment rate and the real Gross Domestic Product (GDP) level.