If the quantities of labor and capital in an economy each increase by the same x percent, which of the following will increase by x percent?
A) marginal product of capital
B) economic profits
C) share of capital income in national income
D) rental price of capital
E) none of the above
E
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Money is any commodity or token that is
A) issued by the government. B) backed by gold. C) generally accepted as a means of payment. D) a store of value. E) generally accepted as a means of measurement.
National debt decreases in a given year when a country has
A) a budget deficit. B) a balanced budget. C) a budget supplement. D) a budget surplus. E) no discretionary fiscal policy.
In what way does long-run equilibrium under monopolistic competition differ from long-run equilibrium under perfect competition?
A) Firms in perfect competition achieve allocative efficiency while firms in monopolistic competition achieve brand efficiency. B) Firms in perfect competition achieve productive and allocative efficiency while firms in monopolistic competition achieve neither allocative nor productive efficiency. C) The only difference is that in a monopolistically competitive market there are many brands to choose from while in a perfectly competitive market there is one standard product. D) Firms in perfect competition achieve productive efficiency while firms in monopolistic competition achieve allocative efficiency.
Unions have been protected since 1935 by a federal law, the National Labor Relations Act (NLRA), which contains provisions for
(a) elections by workers to choose their bargaining agents. (b) employers' recognition of union bargaining agents in interstate commerce for union representation and collective bargaining purposes. (c) arbitration of disputes that cannot be resolved through bargaining. (d) all of the above.