To reduce labor surplus above the equilibrium union wage level, a union may do all of the following EXCEPT
A) lengthen apprenticeship period.
B) assign jobs based on seniority.
C) limit the number of new members accepted.
D) encourage nonunion members to join the union.
Answer: D
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Economists assume people's tastes are
a. determined solely by advertising b. relatively stable over time c. quite variable d. irrelevant to utility analysis e. identical
The most-favored-nation policy implies that the United States will
a. extend concessions made in bilateral trade agreements to all other nations. b. give preference to North American nations in all trade matters. c. work to lower trade barriers with Canada. d. extend tariff and quota concessions only to major trading partners.
A person has a comparative advantage in an activity whenever she
A) has an absolute advantage in the activity. B) can perform the activity at a lower opportunity cost than can another person. C) can do the activity in less time than anyone else. D) can do everything better than anyone else.
When exchange rates are not determined in the market but are instead set by a country's central bank, we say that the country's exchange rate is
A) flexible. B) fixed. C) a nominal exchange rate. D) a real exchange rate.