If a professional organization imposes strict licensing procedures that increase entry costs for new members, then labor
a. supply will fall, and the equilibrium wage rate will rise
b. supply will fall, and the equilibrium wage rate will fall
c. supply will rise, and the equilibrium wage rate will fall
d. demand will rise, and the equilibrium wage rate will rise
e. demand will rise, labor supply will fall, and the equilibrium wage rate will rise
A
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The data below relates to a pure monopoly and the product it produces. What is the profit-maximizing output and price for this firm?
A. P = $15; Q = 3
B. P = $12; Q = 5
C. P = $18; Q = 2
D. P = $14; Q = 4
What agreement has been reached to reduce the moral hazard problem and what does it require?
What will be an ideal response?
When desired national saving equals desired national investment (in a closed economy), what market is in equilibrium?
A. The stock market B. The foreign exchange market C. The money market D. The goods market
If the base year CPI basket costs $250 and next year the CPI basket costs $275, what is next year's CPI?
What will be an ideal response?