The number of workers hired by a monopsonist that is facing a union is
a. equal to the competitive labor market number of workers
b. greater than the competitive labor market number of workers
c. greater than the number of workers if the monopsonist were not facing a union
d. less than the number of workers if the monopsonist were not facing a union
e. the same as the number of workers if the monopsonist were not facing a union
E
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Use the following table to answer the next question. All figures in the table below are in billions of dollars.RGDPAggregate Expenditures (Closed Economy - No International Trade)ExportsImports$400$440$50$60450480506050052050605505605060600600506065064050607006805060If this economy were closed to international trade, then the equilibrium real GDP would be ________ billion and the multiplier would be ________.
A. $600;5 B. $600;4 C. $500;5 D. $500;4
Which of the following is NOT true of monopolistic competition?
A) Firms produce a good that is a perfect substitute for their competitors' goods. B) There is free entry and exit. C) There are a large number of firms. D) Firms can compete on price and quality.
Refer to Figure 4-10. Suppose that instead of a price ceiling, the government imposed a price floor of R1. What is the area representing producer surplus after the imposition of the price floor?
A) A B) B + D + F C) B + C + D + E + F D) C + E
In 2011, which category represented the largest source of receipts for the U.S. federal government?
a. Medicare b. Social Security c. corporate income taxes d. individual income taxes