If the supply of labor decreases, which of the following events will occur?
A. The wage rate will increase and firms will increase employment up until the point where MRP equals the new wage rate.
B. The wage rate will fall and firms will increase employment up until the point where MRP equals the new wage rate.
C. The wage rate will fall and firms will decrease employment to the point where MRP equals the new wage rate.
D. The wage rate will increase and firms will decrease employment to the point where MRP equals the new wage rate.
Answer: D
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Refer to the scenario above. The sum of the firms' payoffs is maximum when ________
A) both the firms choose Strategy X B) both the firms choose Strategy Y C) Firm A chooses Strategy X, and Firm B chooses Strategy Y D) Firm A chooses Strategy Y, and Firm B chooses Strategy X
Once the FOMC announces the result of its meeting the attendees:
A. never discuss the policy issues addressed in the meetings. B. observe a blackout period that lasts for a week following the meeting during which they do not speak publicly about the economic outlook or current monetary policy. C. observe a twenty-four hour blackout period following the meeting during which they do not speak publicly about the economic outlook or current monetary policy. D. it must brief the financial news immediately after and answer questions posed to them.
Refer to the information provided in Figure 3.11 below to answer the following question(s).
Figure 3.11Refer to Figure 3.11. An increase in quantity supplied is represented by a movement from
A. Point B to Point A along supply curve S2. B. S2 to S3. C. Point B to Point C along supply curve S2. D. S2 to S1.
In 1768-72, the top ten commodity exports of the thirteen colonies included all of the following except
a. tobacco b. bread and flour c. fish d. horses e. All of the above were among the top ten exports.