Wages will tend to be high in labor markets where supply is relatively high and demand is relatively weak
a. True
b. False
Indicate whether the statement is true or false
False
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The tax cuts of 2008 were valued at approximately one percent of GDP
Indicate whether the statement is true or false
The alternative to the use of money by the members of a society is
A) barter. B) borrowing. C) division of labor. D) from each according to ability, to each according to need. E) payment by check.
Monopsony means a labor market with a single buyer
a. True b. False Indicate whether the statement is true or false
The opportunity set contains:
a. a single combination of consumption that someone can afford given the prices of goods and the individual’s income. b. all possible combinations of consumption that someone can afford given the prices of goods regardless of the individual’s income. c. all possible combinations of consumption that someone can afford given the prices of goods and the individual’s income. d. a single combination of consumption that someone can afford given the prices of goods regardless of the individual’s income.