Demand curves usually slope downward because of the income and substitution effects, and because of the law of diminishing marginal utility

The first official statement of goals for macroeconomic performance in the United States came with the passage of the

A) Federal Reserve Act of 1913. B) Employment Act of 1946. C) Great Depression Act of 1933. D) Full Employment and Balanced Growth Act of 1978.

The equilibrium wage and quantity of labor in the market for skilled workers is determined by

A) the demand and supply of labor. B) the strength of labor unions. C) the market value created by the output of these skilled workers. D) the monopsony power of firms.