Most studies indicate that during the last two decades, the wages of union members have been approximately
a. 5 percent higher than the wages of similar nonunion workers.
b. 14 to 19 percent higher than the wages of similar nonunion workers.
c. 34 to 39 percent higher than the wages of similar nonunion workers.
d. 64 to 69 percent higher than the wages of similar nonunion workers.
B
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Assuming the same sized substitution effect, normal goods have steeper cross-price demand curves than inferior goods.
Answer the following statement true (T) or false (F)
In the long run in a perfectly competitive market, economic profit or loss is
a. the main determinant of total cost b. the main driving force determining consumer preferences c. the basis of all government policy d. the main driving force behind economic change e. expected to persist indefinitely
Which of the following is correct?
a. Over the business cycle investment fluctuates more than consumption. b. Economic fluctuations are easy to predict. c. During recessions employment rises. d. Because of government policy the U.S. had zero recessions in the last 25 years.
What is the incentive problem in central planning?
Please provide the best answer for the statement.