The labor supply curve:
A. shows number of firms who are willing and able to hire workers at each given wage.
B. shows that the number of firms who want to hire workers decreases as the wage increases.
C. is made up of firms who want to hire workers at each given wage.
D. is made up of workers who want to work for firms at each given wage.
Answer: D
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The table above shows the production possibilities for an economy. When the economy produces a combination of 900 books and 50 loaves of bread,
A) production efficiency occurs because resources are not overused. B) allocative efficiency is achieved because both goods are produced. C) production efficiency is not achieved. D) allocative and production efficiency are both achieved. E) production efficiency is not achieved but allocative efficiency might be achieved.
When numerous but imperfect substitutes exist for a good, the demand for the good will tend to be
A) inelastic. B) elastic. C) unitary. D) perfectly elastic.
A direct relationship is expressed graphically as a:
A. positively sloped line or curve. B. negatively sloped line or curve. C. horizontal line. D. vertical line.
The key official definition of the money supply is
A) only coins and paper currency in circulation. B) M2. C) only transactions deposits at banks. D) MZM.