Refer to the information provided in Figure 1.7 below to answer the question(s) that follow.
Figure 1.7Refer to Figure 1.7. The slope of the line between Points D and B is
A. 1.5.
B. 0.67.
C. -0.67.
D. -1.5.
Answer: B
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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.
When a country removes a specific import restriction, it always benefits every worker in that country.
Answer the following statement true (T) or false (F)
The concept of "demand" in economics refers to
A) the different quantities of a good or service people will buy at different possible prices. B) the different types of goods and services that people of different income levels want to buy. C) how changes in the prices of all goods affect people's buying behavior. D) changes in people's consumption behavior over time.
Which of the following would cause an economy to produce at a point inside its production possibilities curve?
A) the efficient allocation of all factors of production B) population growth C) unemployment and an inefficient use of available resources D) capital accumulation