A monopsonist can pick the ____, while a monopolist can pick the ____.
A. price it will charge; wage it will pay
B. wage it will pay; price it will charge
C. number of competitors; number of buyers
D. marginal product of labor; marginal cost of labor
Answer: B
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The measure of the aggregate price level that is most frequently reported in the media is the
A) GDP deflator. B) producer price index. C) consumer price index. D) household price index.
Which of the following demonstrates why international trade is helpful to businesses?
a. Hakan went car shopping and test drove models from several international automakers. b. The app that Martin designed could be modified and sold in any market around the world. c. Deb’s Designs had to compete in the clothing market against less-expensive import brands. d. At the local big box store, Lin found deep discount prices on many essential household items.
Unemployment rates for skilled workers compared to unemployment rates for unskilled workers are:
a. Lower, because skilled workers tend to be primarily employed by government at the local, state, and Federal levels b. Lower, because skilled workers tend to be employed in less cyclically vulnerable industries, such as the services and nondurable goods industries c. Higher, because businesses are less likely to retain the more costly skilled workers no matter what type of industry d. Higher, because skilled workers tend to be employed in more cyclically vulnerable industries, such as the durable goods industry
Rational expectations are forecasts that, although not necessarily correct, are the best that can be made given the available information.
Answer the following statement true (T) or false (F)