We would expect unions to have a more difficult time negotiating higher wages for their members when
A) labor represents a small portion of total costs.
B) the product produced makes up a small portion of families' budgets.
C) the product produced has several close substitutes.
D) there are not good substitutes for labor in the production process.
C
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The majority of money is created when
A) banks make loans. B) new coins are minted. C) the federal government borrows from the public. D) the Fed sells bonds.
If Tom and Di specialize in producing the goods in which he and she have a comparative advantage and they exchange goods, then ________
A) each will produce a combination of goods that is within her/his production possibility frontier B) they will lose because they are no longer able to produce and consume both goods C) each will gain because each can consume a combination of goods that is outside her/his production possibility frontier D) one of them will gain and the other will lose
The cost of holding money is
A) transactions accounts. B) the opportunity cost. C) the liquidity approach. D) capital controls.
Agreements to abolish most barriers to trade among nations are known as:
a. free trade cartels. b. discriminatory trade agreements. c. neutral trade agreements. d. preferential trade agreements. e. retaliatory trade agreements.