Unions can ration the excess supply of labor generated by the establishment of a wage that is above the competitive wage by
A) lengthening the time period for apprenticeship programs.
B) lowering union dues.
C) encouraging older workers to take early retirement.
D) having more intensive membership drives to ensure a larger proportion of workers are covered by the union contract.
A
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When applying for a loan, a borrower tends to know more about her ability to pay it back than does the bank. This is an example of
a. perfect information b. moral hazard c. a low marginal benefit of information for the bank d. asymmetric information e. optimal search
Babe Ruth's 1931 salary was $80,000 . Government statistics show a consumer price index of 15.2 for 1931 and 215 for 2008 . Ruth's 1931 salary was equivalent to a 2008 salary of about
a. $536,000. b. $828,000. c. $1,131,000. d. $1,216,000.
A currency has depreciated in value if it takes more of a foreign currency to buy it
Indicate whether the statement is true or false
Use the above table. Which of the following is TRUE if real disposable income is $150?
A. APC = 0.8. B. APC is less than MPC. C. APS = 0.2. D. APS is less than MPS.