A labor market monopsony
A) has a marginal cost of labor curve that lies above the labor supply curve.
B) has a marginal cost of labor curve that lies below the labor supply curve.
C) is a labor market in which the firm has an elastic demand for labor.
D) is a labor market in which the firm has an inelastic demand for labor.
A
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Compensating differentials are associated most closely with which of the following?
A) comparable worth B) economic discrimination C) differences in education D) hazardous jobs
An open market sale of T-bonds by the Fed causes the money supply to
a. fall and bond prices to fall. b. rise and bond prices to fall. c. rise and bond prices to rise. d. fall and bond prices to rise.
Below are pairs of GDP growth rates and unemployment rates. Economists would be shocked to see most of these pairs in the U.S. Which pair of GDP growth rates and unemployment rates is realistic?
a. 10 percent, 1 percent b. 2 percent, 12 percent c. -1 percent, 8 percent d. -2 percent, 2 percent
If nations trade on the basis of comparative advantage
A. a nation can usually gain only it has an absolute advantage. B. all trading partners share equally in the gain. C. all trading partners share in the gain with distribution determined by their negotiating ability. D. a nation with an absolute advantage gains more than the other nations.