If the graph shown is displaying a competitive labor market:
A. S would represent an individual worker's supply of labor at each wage.
B. S would represent the firm's supply of jobs at each wage.
C. P* would represent the equilibrium wage.
D. Q* would represent the equilibrium wage.
C. P* would represent the equilibrium wage.
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If Australia purchases $200,000 of oil from Saudi Arabia, this would mean ________.
A. Australia's balance of payments is $200,000 B. there is a credit in Australia's current account C. the change in Australia's capital and financial accounts must be zero D. the sum of the financial and capital accounts in Australia must increase by $200,000
During an economic boom, output exceeds potential output
Indicate whether the statement is true or false
The above figure shows the U.S. market for replacement cell phone batteries. With free trade, the United States imports ________ batteries and once the tariff illustrated in the figure is imposed, the United States imports ________ batteries
A) 900,000; 700,000 B) 800,000; 400,000 C) 300,000; 100,000 D) 700,000; 300,000 E) 900,000; 100,000
The Federal Reserve views commercial bank use of the discount window as
A) something to be used only by commercial banks. B) completely up to the borrower. C) a privilege, not a right for eligible borrowers. D) something to be used only in financial panics.