Labor unions are organizations that
A. try to make labor markets more competitive.
B. try to secure economic improvements for all workers.
C. try to secure economic improvements for their members.
D. try to secure more opportunities for more workers in the economy.
Answer: C
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An economy with an expansionary gap will, in the absence of stabilization policy, eventually experience a(n) ________ in the inflation rate, leading to a(n) ________ in output.
A. decrease; increase B. increase; increase C. decrease; decrease D. increase; decrease
At a Mufflers-R-Us repair shop customers have the opportunity to wait in a room with chairs, a television, magazines, coffee and donuts. The economic way of thinking suggests the muffler shop is
A) selling mufflers below cost. B) selling the additional goods and services below cost. C) attempting to increase its total profit D) engaging in unfair trade practice because it provides the goods and services free of charge. E) almost certainly doing none of the above.
Which of the following is NOT a basic assumption of the "Lucas" model?
A) slow adjustment of wages and prices B) rational expectations C) imperfect information D) market-clearing
For the two industries with market shares listed below, which of the following would be true? Table 14-1 ? Firm 1 Firm 2 Firm 3 Firm 4 Firm 5 Firm 6 Industry A 50% 10% 10% 10% 10% 10% Industry B 20% 20% 20% 20% 10% 10%
A. The concentration ratio would be the same for both industries but the HHI would be higher for Industry A. B. The concentration ratio would be the same for both industries but the HHI would be higher for Industry B. C. The HHI would be the same for both industries but the concentration ratio would be higher for Industry B. D. Both the concentration ratio and the HHI would be the same for both industries.