What is the equilibrium wage and level of employment under monopsony?
a. W1 and E1
b. W2 and E0
c. W0 and E0
d. W0 and E1
e. W0 and E2
C
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If the minimum wage is set at a level above the equilibrium wage:
A. it will have no effect. B. it will be a nonbinding minimum wage. C. it could cause unemployment. D. All of these are true.
Required reserves are the amount of
A) reserves a bank must hold against its deposits as mandated by the Federal Reserve. B) cash a bank must hold against its deposits as mandated by the Federal Reserve. C) checkable deposits a bank must hold against all other deposits as mandated by the U.S. Treasury. D) reserves a bank must hold against all its assets as mandated by the Federal Reserve.
Which of the following causes the supply curve to shift to the left?
a. increase in consumer’s output prices b. increase in seller’s input prices c. decrease in consumer’s output prices d. decrease in seller’s input prices
Which is not characteristic of a product with relatively inelastic demand?
A. The good is regarded by consumers as a necessity. B. Buyers spend a small percentage of their total income on the product. C. There are a large number of good substitutes for the good. D. Consumers have had only a short time period to adjust to changes in price.