The U.S. labor movement started
A) with local craft unions composed of workers who engaged in a particular trade or skill, such as baking, carpentry or plumbing.
B) during the Civil War.
C) after World War I.
D) with the Knights of Labor, an organized group of both skilled and unskilled workers.
Answer: A
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According to the diagram in the figure above, an allocatively efficient use of resources requires that production and consumption of gasoline be
A) 1 million gallons of gasoline per month. B) 2 million gallons of gasoline per month. C) 3 million gallons of gasoline per month. D) 4 million gallons of gasoline per month.
If inflation turns out to be higher than was anticipated, debtors are helped because
A) the real present value of their payments increases. B) the real present value of their payments decreases. C) the nominal present value of their payments increases. D) the nominal present value of their payments decreases.
According to the principle of comparative advantage, a nation should specialize in economic activities
A) that incur lower opportunity costs. B) that incur higher opportunity costs. C) for which it has an absolute advantage. D) for which it has no absolute advantage.
The change in total utility arising from a one-unit increase in consumption of a good is referred to as
a. average utility b. the principle of diminishing marginal utility c. real income d. marginal utility e. price