All of the following are true of the labor-supply and labor-demand curves intersection except they:
A. only intersect once.
B. intersect at the equilibrium wage.
C. intersect at the profit-maximizing quantity for the firms in the market.
D. intersect at the revenue-maximizing quantity for the firms in the market.
D. intersect at the revenue-maximizing quantity for the firms in the market.
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Under laissez-faire, the allocation of scarce resources among the different industries
A. is possible only with government tax and subsidy policies. B. is accomplished by the price system. C. requires a considerable amount of central planning. D. is the result of consumer planning.
A temporary increase in government purchases in the classical model would
A) shift the production function to the right. B) shift the marginal product of labor curve to the left. C) shift the labor demand curve to the right. D) shift the labor supply curve to the right.
Suppose that Venezuela experiences significant capital outflows after a recent election. If the nation had fixed exchange rates, these flows would have had the following effect on the financial account and monetary base
a. Financial account would rise and monetary base would fall. b. Financial account would not change and monetary base would fall. c. Financial account would fall and monetary base would not change. d. Financial account would fall and monetary base would fall. e. Financial account would fall and monetary base would rise.
Producer surplus measures the
a. benefits to sellers of participating in a market. b. costs to sellers of participating in a market. c. price that buyers are willing to pay for sellers' output of a good or service. d. benefit to sellers of producing a greater quantity of a good or service than buyers demand.