Economic regulation consists of government measures designed to improve health and safety, such as control over unsafe working conditions and dangerous products
Indicate whether the statement is true or false
false
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An adverse supply shock, such as a reduced supply of raw materials, would
A) increase the marginal product of labor. B) decrease the marginal product of labor. C) decrease the marginal product of capital, but have no effect on the marginal product of labor. D) not affect the marginal product of labor.
The demand curves for gold in New York and Zurich can both be represented by a line with negative slope, -b. When the price is zero the demand for gold is x ounces higher in New York than in Zurich
At the current price of gold the price elasticity of demand for gold in New York and Zurich is -3 and -4 respectively. The value of x equals A) a quarter of the current demand for gold in New York B) a third of the current demand for gold in New York C) a half of the current demand for gold in New York D) three-quarters of the current demand for gold in New York E) none of the above
Regulation Q, now no longer operative, set a
a. maximum on the interest rate that banks and savings and loans could pay depositors b. maximum on the interest rate that banks and savings and loans could charge on consumer loans c. maximum amount that banks and savings and loans could loan out of excess reserves d. legal reserve requirement for savings and loans that was 1.5 times the requirement for banks e. value for the potential money multiplier that could not exceed 1
A profit-maximizing monopsonist
A. hires fewer workers and pays its workers less than it would if it were operating in a competitive labor market. B. hires more minority workers than nonminority workers, but pays the minority workers less than the nonminorities. C. pays the same wage to all types of labor. D. substitutes low-skilled labor for high-skilled labor in the long run. E. hires an equal number of male and female workers and pays them the same wage.