What is a closed shop?
a. No union members may be hired.
b. Hiring to the maximum level is complete.
c. The employees have rejected the union.
d. Only union members can be hired.
d. Only union members can be hired.
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If total spending is less than total output, then price levels will
A. rise and production will increase. B. rise and production will decrease. C. fall and production will increase. D. fall and production will decrease.
If a player's strategy in a sequential game is to choose an action that stops the game early on, it is unnecessary to specify that player's plans for moves later on in the game when it would have been his turn to move again.
Answer the following statement true (T) or false (F)
Which of the following best illustrates the fallacy of composition?
a. If I stand up at a baseball game I will be able to see the game better; if all fans stood up at a baseball game they would all be able to see the game better. b. If I wore a jacket to a baseball game in October, I would be warmer; if all fans wore jackets they would all be warmer. c. If I purchase fewer concessions at a baseball game, I will save money; if all fans purchase fewer concessions then all can save money. d. If I yell more during a baseball game it will be louder if all fans yell more during the game it will be much louder.
The rise in bank failures in the late 1980s and early 1990s occurred
a. at Federally-charted banks only. b. because Congress repealed many of the provisions of deposit insurance regulation. c. at state-chartered banks, which are less closely regulated than other banks. d. because the Federal Reserve began to monitor banks less often. e. because they were insured by the Federal Deposit Insurance Corporation instead of state agencies.