In a perfectly competitive labor market, the industry demand curve is ________ and the industry supply curve is ________
A) perfectly elastic; upward sloping
B) downward sloping; upward sloping
C) upward sloping; downward sloping
D) vertical; perfectly elastic
B
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Is cutting down a tree in two hours with an ax more efficient than cutting it down in ten minutes with a gasoline-powered chain saw?
A) No, because time is valuable. B) Yes, because hand tools conserve nonrenewable energy resources. C) It could be, if the person cutting down the tree places a high enough value on the exercise. D) There is no way to answer the question.
What does it mean for a good to be nonexcludable?
What will be an ideal response?
The inflation associated with the oil embargoes of the 1970s resulted in:
a. reduced unemployment because aggregate demand increased. b. reduced unemployment because aggregate demand fell c. increased unemployment because aggregate demand increased. d. increased unemployment because aggregate demand fell. e. increased unemployment because aggregate supply fell.
Expansionary monetary policy:
A. decreases the interest rate and increases the price level. B. decreases the interest rate and decreases the price level. C. increases the interest rate and increases the price level. D. increases the interest rate and decreases the price level.