If Bobby thinks that leisure is an inferior good, then his labor supply curve
A) is backward bending.
B) is always negatively sloped.
C) is always positively sloped.
D) does not exist.
C
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In order to achieve a high rating on the Economic Freedom of the World index, a country must
a. provide for the even-handed protection of private property and rely primarily on open markets and voluntary exchange to coordinate economic activity. b. use central planning to direct investment and resolve the three basic economic problems of what, how, and for whom goods will be produced. c. protect domestic businesses from foreign rivals who generally provide shoddy products. d. protect domestic workers from businesses that are unwilling to pay high wages and provide quality working conditions.
Which of the following would be categorized as an unconventional monetary policy tool?
A. Targeted asset purchases B. Federal funds rate target range C. Deposit rate D. The interest rate on excess reserves (IOER)
In perfectly competitive markets, products are ______ and sellers are ______.
a. homogeneous; price takers b. homogeneous; price searchers c. substantially different; price takers d. substantially different; price searchers
If the expected price of oil rises, then
A. the equilibrium price and quantity will not change. B. the current equilibrium price will rise, and the current equilibrium quantity will fall. C. the current equilibrium price and quantity will both rise. D. the equilibrium price will rise, but the change in the equilibrium quantity will depend on whether the demand change outweighs the supply change.