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1. Which of the following statements is true about the demand for labor?
2. Question below is based on the table of employment data below.
If a firm is hiring labor in the perfectly competitive labor market, the wage and employment will be
3. Question below is based on the table of employment data below.
If the above firm were a monopsonist, the wage would be _________ and employment would be _________ the competitive outcome.
4. Which of the following is the best example of a public good?
5. A negative externality in the market for a good exists when
6. Which of the following tax systems is designed to redistribute income from the wealthy to the poor?
7. At the birthday party of your best friend, you see Skylar help himself to a second piece of cake. For this individual, it must be the case that
8. Nancy has the choice to spend one hour studying for an exam, mowing the lawn for one hour at a wage of $6, or babysitting her niece for one hour at a wage of $8. If we know that Nancy has chosen to study for the exam, which of the following is true?
9. Suppose the market for roses is currently in equilibrium. If the supply of roses falls, while at the same time the demand for roses rises, what can you say about the price and quantity of roses in the market?
10. The United States is trading salmon to Peru in exchange for anchovies. If these nations are trading based upon relative opportunity costs, what must be the case?
11. Which of the following is the best example of a public good?
12. A typical characteristic of capitalist market economies is