If a monopsony must negotiate with a union, then the wage will probably be
A) more than the value of marginal product.
B) more than the marginal cost of labor.
C) the same as if there had been no union.
D) more than what it would have been without a union but not more than the value of marginal product.
D
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If marginal revenue is less than marginal costs
A) production should be decreased. B) production should be decreased and profits will grow. C) production should be decreased and losses will decrease. D) all of these choices are possible.
How do we measure the slope of a linear curve?
Economists view the fact that Florida grows oranges, Texas pumps oil, and California makes wine as
a. confirmation of the virtues of free trade. b. confirmation of the infant-industry argument. c. confirmation that free trade agreements are not necessary. d. confirmation that specialization in absolute advantage works.
The principal in an interest rate swap is:
A. is not borrowed, lent, or exchanged. It just serves as the basis for the calculation of cash flows. B. is usually held by a clearinghouse to guarantee payment. C. always transferred from the originator to the counterparty of the swap. D. usually borrowed from a third party.