Refer to the above figure. Suppose there are L4 workers in the union. If the union wants to set a wage rate of W3, it must
A) determine which of its members will earn W3 and which will earn W1.
B) accept that L4 - L2 members will not be able to find work in the industry.
C) accept that L3 - L2 workers will have to get a lower wage equal to W2 and L4 - L3 workers will have to get a wage of W1.
D) determine the most efficient way to get the firms to accept the wage and hire all L4 workers.
B
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The main losers from inflation are those who
a. have significant assets in real property b. have fixed incomes c. have put their money in foreign banks d. sell products that have a quick turnover e. none of the above
If oil prices fall at the same time that the federal government increases its purchases, in the short run
A) aggregate output and the price level will both increase. B) aggregate output will increase, but the price level will fall. C) aggregate output and the price level will both fall. D) aggregate output will increase, but the price level may either increase or decrease.
Referring to discussion in an Added Perspective, Stanley Jevons warned in 1865 that England would quickly run out of
a. lumber b. food c. coal d. oil e. clean water
Which of the following generation categories has the smallest population in the United States in 2017?
A) the millennials B) generation X C) the baby boomers D) generation Y