More than half the growth of real GDP in the United States is caused by:
A. the use of fewer inputs of labor.
B. increases in the productivity of labor.
C. a falling price level.
D. the reallocation of labor from manufacturing to agriculture.
Answer: B
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Inflation makes it difficult to distinguish relative price changes from changes in the general level of prices. Consequently, inflation ________ the efficiency of the market system.
A. decreases B. does not change C. increases D. may either increase or decrease
Labor demand curves always slope down.
Answer the following statement true (T) or false (F)
Monopsonistic exploitation is
A) measured by the area above the supply curve but below the wage paid. B) the difference between the marginal revenue product of a worker and the wage received by the worker. C) measured by the height of the supply curve of labor. D) the cost to society from unions.
Under which of the following market conditions is it most difficult to maintain a cartel agreement?
a. There are many firms in the industry and these firms have similar costs. b. There are many firms in the industry and these firms have different costs. c. There are few firms in the industry and these firms have similar costs. d. There are few firms in the industry and these firms have different costs. e. There are many firms in the industry and these firms produce homogeneous products.