Which of the following is legal under the Taft-Hartley Act?
A) closed shops
B) collective bargaining
C) secondary boycotts
D) sympathy strikes
B
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When there is a recessionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; decline B. increase; raise; decline C. decline; lower; expand D. decline; raise; decline
Which of the following will not cause a demand curve to shift position?
a. A doubling of the good's price. b. A doubling of the price of a closely substitutable good. c. A doubling of income. d. A shift in preferences. e. A doubling of both the price of X and the price of Y.
When economic profits are zero for a firm in a perfectly competitive market, it means that:
A. average total costs are zero. B. price is equal to minimum average total cost. C. MR is equal to AVC. D. average variable costs are minimized.
A majority of states have a minimum wage that is higher than the federal minimum wage.
Answer the following statement true (T) or false (F)