The MFC curve increases for a monopsonist because:
A. as more workers are hired, all workers receive higher wages.
B. output price rises as a firm's market power increases.
C. hiring more workers does not affect wages.
D. the later workers hired are less productive.
Answer: A
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In the table above, what do net exports equal?
A) a deficit of $700 billion B) a deficit of $350 billion C) a surplus of $50 billion D) a surplus of $1,750 billion
Long Beach Island, off the coast of New Jersey, is considering building a sand barrier to protect the houses on the island from future hurricanes. The marginal social benefit of the barrier is equal to the
A) marginal private benefit of the person who benefits the most from the barrier. B) marginal private benefit of the person who benefits the least from the barrier. C) sum of the marginal private benefits for anyone who benefits from the barrier. D) difference between the marginal private benefit of the person who benefits the most and the person who benefits the least from the barrier.
Answer the following questions true (T) or false (F)
1. "The unemployment rate is too high" is an example of a positive economic statement. 2. Normative analysis is concerned with "what ought to be," while positive analysis is concerned with "what is." 3. Examining the conditions that could lead to a recession in an economy is an example of a macroeconomic topic.
If tariffs contribute to inefficiency in the international allocation of resources and lower output and income, why have nations enacted tariffs?
What will be an ideal response?