Which of the following is not a technique that unions have to control the supply of labor?
a. control apprenticeship programs
b. control membership dues
c. establish a closed shop
d. decrease the MRP curve of labor
e. limit the number of workers allowed into the union
D
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In the long run, perfectly competitive firms will exit the market if the price is
A) higher than average variable cost. B) equal to average total cost. C) less than average total cost. D) equal to average fixed cost. E) equal to marginal revenue.
Many reporters in the media were critical of the high interest rates that many banks charged to lenders in the so-called sub-prime market. Using economic reasoning what was the likely justification for these high interest rates
What will be an ideal response?
After getting a raise at work, Jasper now regularly buys steak instead of chicken. Which factor of demand has influenced Jasper's demand for steak?
A. Price of a substitute good B. Price of a complementary good C. Income D. Preferences
If the marginal propensity to consume (MPC) is 0.50, the value of the spending multiplier is:
a. 5. b. 1. c. 2. d. 5.