A monopsony hires labor up to the point where the marginal revenue product of labor equals the wage ...

A monopsony hires labor up to the point where the marginal revenue product of labor equals the wage rate.
a. True
b. False
Indicate whether the statement is true or false

QUESTION 2

There is substantial evidence that people base their consumption decisions more on their current income than on the average income they expect to receive over a long period of time.
a. True
b. False
Indicate whether the statement is true or false

QUESTION 3

Gross domestic product (GDP) does not reflect many things that individuals do for themselves.
a. True
b. False
Indicate whether the statement is true or false

QUESTION 4

A monopsony is defined as a monopoly that has to negotiate with a labor union.
a. True
b. False
Indicate whether the statement is true or false

QUESTION 5

One drawback of fiscal policy is the time it takes to enact the legislation necessary to activate it.
a. True
b. False
Indicate whether the statement is true or false

QUESTION 6

Leakages cause diversion of income from the domestic spending stream.
a. True
b. False
Indicate whether the statement is true or false

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A monopsony hires labor up to the point where the marginal revenue product of labor equals the wage ...

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