Over the range of output for which the marginal product of labor curve is negatively sloped, the marginal cost curve is negatively sloped
Indicate whether the statement is true or false
FALSE
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There will be gains from trade when
A. the buyer values a product more highly than the seller. B. money is used as a medium of exchange. C. both the buyer and the seller attach the same value to the product. D. the buyer values a product less highly than the seller.
In the above figure, CBL is the cost of breaking the law. If it is illegal to sell, but not illegal to buy, then the price per unit will be
A) $500. B) $400. C) $300. D) $200.
The principal-agent problem is a problem
A) of the power system of boss and subordinate where the boss (principal) exerts influence over his subordinates (agents) using punishment or threat. B) that exists when a person (principal) has more information about the task than the agent he hires to perform the task. C) caused by agents pursuing their own interests rather than the interests of the principals who hired them. D) caused by a person (principal) who hires an agent to act on his behalf but is unwilling to delegate authority to the agent to carry out the task in the best possible way.
At the beginning of the 1980s under Chairman Paul Volcker, the Fed
a. stressed control of interest rates over control of the money supply b. did not seem to favor either control of the money supply or of interest rates c. changed the emphasis between controlling the money supply and controlling the interest rate depending on the state of international trade d. stressed control of the money supply over control of the interest rate e. controlled whichever target that seemed to be important at the time