The equilibrium price of labor is called:
A. the wage.
B. the leisure trade-off.
C. income, plus benefits.
D. opportunity cost.
Answer: A
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In the long run, a perfectly competitive firm
A) can make either an economic profit or a normal profit. B) incurs an economic loss. C) makes zero economic profit. D) can make an economic profit, zero economic profit, or incur an economic loss. E) makes an economic profit.
Only socialist economies need to answer the What, How, and For Whom questions
a. True b. False Indicate whether the statement is true or false
Which of the following explanations of the business cycle focuses on both aggregate supply and aggregate demand shifts?
A. Monetarist explanations B. Keynesian explanations C. Supply-side explanations D. Eclectic explanations
Every country in the world has an independent central bank.
Answer the following statement true (T) or false (F)