If a union is unable to increase the demand for its workers, then success at raising the wage rate paid its members means that
A) all union members receive a higher wage.
B) some union members will lose their jobs.
C) more union members will be hired.
D) the union will push for a decrease in the minimum wage.
B
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If a vacation in Paris is a normal good, other things being equal, an increase in consumer income will increase the demand for travel to Paris
a. True b. False Indicate whether the statement is true or false
A fall in the average income of a consumer, say during a recession, is represented by:
a. an upward movement along the demand curve for a good consumed by the consumer. b. a downward movement along the demand curve for a good consumed by the consumer. c. a shift of the demand curve for a good consumed by the consumer. d. a rotation of the demand curve for a good consumed by the consumer. e. an inward shift of the demand curve for an inferior good consumed by the consumer.
Recent decades have seen a trend toward globalization, which means that: a. many industries in the private sector are being bought by the government
b. domestic industries are being protected from foreign competition. c. buying and selling in markets have increasingly crossed national borders. d. large business houses have increased the market prices of their goods above marginal cost.
What is the efficiency factor?
Please provide the best answer for the statement.