Economists would describe a labor union as a

a. trade organization.
b. necessity for competitive labor markets.
c. labor monopoly.
d. pure monopsony.


c

Economics

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An anticipated change in the money supply will result in a(n) __________ level of economic activity and a __________ price level

A) increased; higher B) decreased; higher C) unchanged; lower D) unchanged; higher

Economics

Total revenue minus only explicit costs is called

a. accounting profit. b. economic profit. c. average total cost. d. implicit profit.

Economics

Which of the following statements is TRUE about scarcity?

A) Both rich and poor people face the problem of scarcity. B) Scarcity exists only when supply is insufficient to meet demand. C) Scarcity exists only when a shortage exists. D) Scarcity can be eliminated when a country becomes richer.

Economics

The special-interest groups model of government:

A. is most applicable when benefits apply to few people but costs apply to many people. B. suggests that governments often have incentives to produce inefficient outcomes. C. is based on the idea that small groups manipulate the government. D. All of these are correct.

Economics