Union membership has fluctuated during the last several decades. Which of the following statements best describes the effect of unions on the share of total output allocated to labor?
a. The share of output going to labor has been virtually constant, even though union membership as a share of the labor force has fluctuated.
b. The share of total output going to labor has followed the same pattern as the business cycle in recent years.
c. The share of total output going to labor rose as union membership rose from 1945 to 1960 and fell as union membership declined during the 1960 through 2000 period.
d. The share of total output going to labor has increased substantially, even though during the last several decades union membership has declined.
A
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In 2000, three candidates appeared on virtually all ballots in the US Presidential election: George W. Bush, Al Gore and Ralph Nadar. Bush arguably won the election by 537 votes in Florida where Ralph Nadar received nearly 100,000 votes. It is often argued that Al Gore would have won the election had Ralph Nadar not been on the ballot in Florida. Discuss how this suggests that the social choice process the US uses to elect Presidents does not satisfy the Independence of Irrelevant Alternatives (IIA) assumption in Arrow's theorem.
What will be an ideal response?
Refer to Figure 6-6. As price falls from PA to PB, the quantity demanded increases most along D1; therefore
A) D1 is more elastic than D2 or D3 B) D1 is more inelastic than D2 or D3. C) D1 is elastic at PA but inelastic at PB. D) D1 is unit elastic.
A rational person may remain less than fully informed on an issue to be decided in an election
a. True b. False Indicate whether the statement is true or false
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(a) demand for parking is greater than the supply (b) supply of parking space is greater than the demand (c) quantity of parking space supplied is greater than the quantity of parking spaces demanded (d) quantity of parking space demanded is greater than the quantity of parking spaces supplied (e) both answers A and D are correct