Which of the following would likely not be a goal of a union?
A. Increasing the size of the union
B. Increasing union income
C. Increasing wages of union members
D. Increasing wages of nonunion members
Answer: D
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All of the following cost curves are U-shaped except one. Which curve is not U-shaped?
A) the average variable cost curve B) the marginal cost curve C) the average total cost curve D) the average fixed cost curve
When economists compare monopoly to the monopolistic competitive market, they show that the latter generates
a. fewer choices for consumers b. higher prices for consumers c. higher economic profit (the sum of the economic profit of all firms) d. less output because monopolies are more efficient e. lower prices for consumers
Demand is said to be perfectly inelastic when:
A. the demand curve is horizontal. B. the elasticity of demand is infinite. C. the elasticity of demand is zero. D. consumers are highly responsive to change in the price of a good.
Crowding-out
A. refers to the idea that increases in government purchases inevitably cause reductions in some form of private consumption or investment. B. only occurs at full employment levels of National Output. C. is translated into inflation during periods of slack employment. D. does not include loss of leisure on the part of workers employed as a result of government spending.