Fixed exchange rates are fixed by
a. international speculators who manipulate the world's currencies.
b. international demand and supply.
c. national governments.
d. All of the above are correct.
c
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In the efficiency wage model, if the real wage is higher than the market-clearing wage so that there is an excess supply of labor
A) firms will hire new workers at lower wages. B) firms will replace high-paid workers with low-paid, formerly unemployed workers. C) employers will not hire workers who are willing to work for a lower wage. D) firms will demand a higher level of effort from existing employees.
The best explanation for the rapid rise in skilled wages relative to unskilled wages in antebellum U.S. is:
a. The demand for unskilled labor fell while the demand for skilled labor increased. b. The supply for unskilled labor increased and the supply for skilled labor remained the same. c. While both the supply and demand for skilled and unskilled labor grew during the period, the supply of unskilled labor grew relative to the supply of skilled labor. d. The supply and demand for skilled labor increased while both decreased for unskilled labor.
Roger owns a small health store that sells vitamins in a perfectly competitive market. If vitamins sell for $12 per bottle and the average total cost per bottle is $12.50 at the profit-maximizing output level, then in the long run
a. more firms will enter the market. b. some firms will exit from the market. c. the equilibrium price per bottle will fall. d. average total costs will fall.
All of the following are examples of natural monopolies except
A. College bookstores. B. Electricity companies. C. Railroad companies. D. Local telephone companies.