The market demand for labor will be
A) insensitive to the wage rate in the short run.
B) downward sloping.
C) the inverse of the market demand for output.
D) perfectly inelastic.
B
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Joint production is production that results in the simultaneous production of ________.
A) exactly three outputs B) exactly one output C) exactly two outputs D) two or more outputs
Public goods are goods that have
A) only a few low income consumers. B) clear property right. C) nonexcludability and nonrivalrous. D) features that cannot be addressed by creating property rights.
If the number of companies producing memory chips increases, then the
A) quantity of memory chips supplied increases. B) supply of memory chips does not change. C) supply of memory chips decreases. D) demand for memory chips increases. E) supply of memory chips increases.
In 2002, the Federal Reserve changed its discount lending procedures. Which of the following statements is correct?
A. The Fed now controls the quantity of credit extended as well as its price. B. For most of its history the Federal Reserve has lent reserve to banks at a rate equal to the target federal funds rate; after 2002 the rate would be below the target federal funds rate. C. The changes made in 2002 have made it more difficult for the Fed to meet its interest-rate stability objective. D. Before 2002 the Fed discouraged banks from borrowing and actually created volatility in the market for reserves.