If a union raises initiation fees significantly and if employers in the industry hire only union workers, the supply of union labor curve will shift to the left
a. True
b. False
A
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Which is the most likely effect upon the market for cotton of a significant improvement in the quality of synthetic textiles?
A) A decrease in demand and hence a decrease in both the price of cotton and the quantity exchanged. B) A decrease in demand and hence a decrease in the price of cotton and an increase in the quantity exchanged. C) A decrease in demand and hence an increase in the price of cotton and a decrease in the quantity exchanged. D) A decrease in both demand and supply and hence a decline in the quantity exchanged but no predictable change in the price of cotton.
The process in which a cycle of falling asset prices and falling prices of goods and services can increase the severity of an economic downturn is called:
A) financial crisis B) bank run C) sovereign debt crisis D) debt-deflation process
Assume the total utilities corresponding to the first four units of a product consumed are 8, 12, 14, 15, respectively. The marginal utility of the third unit consumed is:
a. 2. b. 14. c. 3 d. 34.
Which of the following is the best example of an event that would cause a demand shock?
A. Unexpected changes in financial asset prices. B. Unexpected changes in technology that alter production costs. C. Productivity changes. D. Natural disasters that destroy oil refineries.