In order to see how the labor market works as a whole, we need to add up all the:
A. supply curves of individual workers and the demand curves of individual firms to find market level supply and demand.
B. observed equilibrium wages across all individual markets and take the weighted average.
C. demand curves of individual workers and the supply curves of individual firms to find market level demand and supply.
D. None of these statements is true.
A. supply curves of individual workers and the demand curves of individual firms to find market level supply and demand.
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Given the quantity theory of money 1/V represents
A) the velocity of money. B) the number of times the average $ changes hands. C) the proportion of nominal income held as a medium of exchange. D) PY.
Trade diversion results in
A) an increase in the total amount of trade in the world. B) a decrease in the total amount of trade in the world. C) no change in the total amount of trade in the world. D) either an increase or decrease in the amount of trade in the world, depending on where trade takes place.
In the classical model, a self-regulating market would
a. eliminate shortages or surpluses through price changes. b. eliminate shortages but not surpluses. c. render Say’s Law invalid. d. occur only in a labor market.
Which of the following is not included in Nation A's financial account?
a. Foreign deposits of funds in savings accounts in Nation A. b. Foreign companies' profits on their operations in Nation A. c. Foreign purchases of Nation A's Treasury bills. d. All the above.