When the actual price level in an economy turns out to be lower than that expected in the short run, _____
Fill in the blank(s) with the appropriate word(s).
businesses cut back production.
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U.S. currency ________
A) is less efficient than barter B) includes tobacco C) is the sum of M1 and M2 D) is composed of the bills and coins held by individual and businesses
How were unions affected by the Landrum-Griffen Act of 1959?
a. It established their right to bargain collectively. b. It ended labor unions among federal workers. c. It gave unions greater freedom to conduct union elections. d. It increased government oversight of finances.
The opportunity cost of an action is the:
A. cost of all alternative actions that could have been taken. B. monetary payment the action required. C. value of the most highly valued alternative action given up. D. None of the statements associated with this question are correct.
In the above table, if the marginal revenue product is $22, how many workers will the profit maximizing monopsonist hire and what wage will they pay each worker?
A. 3; $14 B. 4; $22 C. 4; $16 D. 5; $18