If a union limits its size to the number of employed members it had when the union was first formed, over time there will be
A) an increase in the supply of union labor.
B) falling wages as demand for workers increases.
C) rising wages as demand for workers increases and the supply increases proportionally.
D) rising wages as demand for workers increases but some potential workers are denied a place in the union.
Answer: D
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What will be an ideal response?
How can freedom of the press promote economic growth?
A) A free press can be more easily swayed to report only one side of any issue. B) A free press reduces the likelihood that judges will protect private property rights. C) A free press can act as a watchdog for corruption, increasing chances for economic growth. D) A free press does not promote economic growth.
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Every economic decision involves a trade-off because of
a. theory. b. opportunism. c. consumption. d. scarcity. e. efficiency.