The market for labor services is included in the
a. loanable funds market.
b. goods and services market.
c. resource market.
d. financial market.
C
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Which of the following is likely to happen if the government decides to impose a tariff?
A) Domestic consumers will be better off. B) The revenue earned by the government will decrease. C) Domestic producers will face higher foreign competition. D) The domestic industry will earn higher profits.
The figure above shows the marginal social cost curve of generating electricity and the marginal private cost curve. The difference between the marginal cost curve and the marginal social cost curve equals
A) marginal private cost. B) private cost. C) external cost. D) marginal external cost. E) Coasian cost.
Meredith receives a wage hike. If Meredith decides to work an extra hour
A) her reservation wage rate exceeds her value of marginal product. B) her opportunity cost of leisure is high. C) her substitution effect is greater than her income effect. D) she operates on the backward-bending portion of her labor supply curve.
Suppose that one could determine the amount of income that is pure economic rent. If a law were passed which taxed 50 percent of that rent, what would happen to the amount of work that people perform?
a. It would increase as people seek higher income. b. It would be unchanged. c. It would decrease as people suffer a loss of income. d. It would increase for some and decrease for others.