If a single supplier of labor, such as a union, were supplying labor to a single monopsonistic employer, this is referred to as a(n)
A) bilateral monopoly.
B) trilateral monopoly.
C) total monopsony.
D) collective monopoly.
Answer: A
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Which of the following statements concerning speculators is true?
a. There is no risk involved in speculative activity. b. They simultaneously buy and sell a currency in different markets. c. They hope to profit by trading a currency at a different exchange rate later. d. Their actions do not affect exchange rates. e. Their actions are exactly like those of arbitrageurs.
A consumption function is used to illustrate the choices a consumer faces in a world of scarcity
a. True b. False Indicate whether the statement is true or false
Between 1994 and 2000 the poverty rate ____ and the number of people on welfare ______.
A. declined; declined B. rose; rose C. rose; declined D. declined; rose
For the purpose of GDP accounting, consumption expenditures include:
A. only nondurable goods. B. only durable goods. C. both nondurable goods and services. D. durable goods, nondurable goods, and services.