Most labor economists believe that the supply of labor is much more elastic than the demand
a. True
b. False
Indicate whether the statement is true or false
False
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Because resources are scarce, economists would say that
A) people's wants are unlimited. B) anything worth doing is worth doing well. C) every choice has an opportunity cost. D) there are no benefits from cooperation. E) the best things in life are always free.
If a market is allowed to adjust freely to its equilibrium price and quantity, then an increase in demand will
a. increase producer surplus. b. reduce producer surplus. c. not affect producer surplus. d. Any of the above are possible.
Assume the money market is initially in equilibrium. If the price level decreases, then according to liquidity preference theory there is an excess
a. supply of money until the interest rate increases. b. supply of money until the interest rate decreases. c. demand for money until the interest rate increases. d. demand for money until the interest rate decreases.
Suppose that a large country imposes optimal tariffs on imports from another large country. The second country then responds with optimal tariffs on imports from the first country. For these two countries, the Nash equilibrium results in ___________ for the first country and __________ for the second country.
a. losses; losses b. gains; gains c. losses; gains d. gains; losses