Which of the following most accurately indicates changes in the size of the union sector in the United States?
a. As a share of the labor force, union membership grew substantially during 1935 through 1955 but has declined substantially since the mid-1950s.
b. As a share of the labor force, union membership declined substantially during 1935 through 1955 but has grown substantially since the mid-1950s.
c. As a share of the labor force, union membership has steadily grown from less than 10 percent in 1935 to more than 40 percent today.
d. Union membership has been approximately 20 percent of the labor force during the last five decades.
A
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When a demand curve is vertical, the elasticity of demand is equal to
A. 0. B. 1. C. ?. D. -1.
If a consumer buys less gasoline because gas prices increased by 100 percent, even though all other prices have also increased by 100 percent, then
A) the consumer is paying too close attention to changes in relative prices. B) wages and prices are too flexible. C) the consumer has been fooled by money illusion. D) inflation is not a problem in the economy.
How would a $10 increase in per-unit input costs affect a price-taking firm's supply curve?
A. MC would increase by $10, and AC would decrease by $10.
B. AC would increase by $10, and MC would decrease by $10.
C. MC and AC would both decrease by $10.
D. MC and AC would both increase by $10.
Which of these statements is a fundamental part of Keyneisan economics?
a. the federal government should have a balanced budget every year to protect economic growth b. the government can use of deficit spending to increase aggregate demand pull the economy out the reccession c. the economy will only reach equilibrium and prosperity through the self regulation of the free market