Measured as a share of the labor force, union membership was at its highest level in the United States during the
a. 1930s
b. 1950s
c. 1970s
d. 1990s
B
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Next year's expected price of oil is $88 per barrel and the interest rate is 10 percent per year. According to the Hotelling Principle the price of oil this year is
A) $80 per barrel. B) $88 per barrel. C) $96 per barrel. D) None of the above answer is correct.
Public choice theory assumes each voter will tend to support the political candidate who offers
a. programs with the largest benefits to society. b. the highest potential for being a good leader in times of war. c. programs that create the most equal distribution of income. d. to provide the voter with the most personal benefits at the least personal cost.
In the basic Keynesian model, a decrease in transfer payments:
A. increases potential output. B. reduces potential output. C. reduces short-run equilibrium output. D. increases short-run equilibrium output.
An increase in the supply of the product implies:
A. producers will now charge a higher price for a given quantity of output. B. the supply curve will shift to the left. C. the price of this product has increased. D. the supply curve will shift to the right.