The demand for labor reflects the point that the
A) lower the real wage rate, the greater the quantity of labor demanded.
B) higher the real wage rate, the greater the quantity of labor demanded.
C) nominal wage rate and not the real wage rate determines the quantity of labor demanded.
D) real wage rate does not affect the quantity demanded of labor.
E) demand for labor depends on the supply of labor.
A
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Which of the following is true of tariffs?
A) Tariffs are special taxes levied on imports. B) Tariffs reduce the volume of exports. C) Tariffs decrease the prices of imports. D) Tariffs encourage international trade.
A barrier to entry is
A) the economic term for diseconomies of scale. B) illegal in most markets. C) anything that protects a firm from the arrival of new competitors. D) a factor that increases competition because firms must continue to operate in the market in which they were founded. E) the same as rent seeking.