If a country's imports are less than its exports, a country has a trade surplus.
Answer the following statement true (T) or false (F)
True
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If a single union supplies all the labor in a competitive labor market, the union probably will
A. increase labor supply to raise employment. B. restrict labor supply to raise wages. C. increase union membership to increase wages. D. act like a competitive firm.
Some of the promising approaches to reducing the natural rate of unemployment have to do with education, training, and job placement. What implementation problems do you anticipate?
If an increase in output is proportionately smaller than the increase in inputs, this is best described as;
(a) Decreasing returns to scale. (b) Increasing returns to scale. (c) Constant returns to scale. (d) Marginal returns to scale.
Suppose a recent and widely circulated medical article reports new benefits of exercise. Simultaneously, the price of the parts needed to make bikes falls. What is the likely effect on the equilibrium price and quantity of exercise bikes sold?
A. Price of exercise bikes remains the same and quantity sold increases. B. The change in price is ambiguous, but the quantity sold increases. C. Price of exercise bikes decreases and quantity sold remains the same. D. Price of exercise bikes increases and quantity sold also increases.