An organization of employees that has the legal right to bargain with employers about wages and working conditions is called a
A) labor union. B) guild. C) monopsony. D) closed shop.
A
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Depreciation is subtracted from GNP to determine
A) net national product (NNP). B) net GDP. C) net imbalance on exports. D) net income.
We use indifference curves because
A) households on average do not care. B) they help represent preferences. C) households sometimes make mistakes. D) they formalize the production process.
Other things equal, investment spending will increase when:
a. interest rates are lowered. b. firms operate under full capacity. c. corporate taxes are increased. d. capacity utilization is low. e. the cost of capital rises.
Figure 18.1Refer to Figure 18.1. The opportunity cost of hang gliders in the United States is:
A. 1/4 of a bicycle. B. 1/3 of a bicycle. C. 3 bicycles. D. 4 bicycles.