The intersection of the market demand for labor and the market supply for labor determines the equilibrium wage rate
a. True
b. False
Indicate whether the statement is true or false
True
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Coase argues that every case of externalities
a. has a clearly identifiable cause. b. requires government intervention if efficiency is to be achieved. c. can be traced back to a principal-agent problem. d. is reciprocal in nature.
Imagine that there are only two nations in the world, the United States and Mexico. If Americans buy more goods made in Mexico, other things constant, the
a. U.S. demand curve for Mexican pesos will shift rightward b. U.S. demand curve for Mexican pesos will shift leftward c. U.S. supply curve of Mexican pesos will shift leftward d. U.S. supply curve of Mexican pesos will shift rightward e. U.S. supply curve of Mexican pesos will shift upward
The Federal Reserve Banking Act of 1978
a. attempted to guarantee stability of the banking system b. was a reaction to the savings and loan crisis c. added full employment to the list of objectives for the Fed d. strengthened deposit insurance programs e. pledged the Fed to keep the inflation rate low
In the long run, a monopoly
A. will never exit the industry. B. will yield an efficient outcome. C. will always earn zero economic profits. D. may earn positive economic profits due to entry barriers.