There is evidence that the presence of unions in a labor market:
A. has no effect on the wages of non-union wage earners in the same market.
B. can push wages up for non-union wage earners in the same market.
C. can keep wages low for non-union wage earners in the same market.
D. has an identical effect on the wages of union and non-union wage earners in the same market.
Answer: B
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In a certain economy, the components of aggregate spending are given by: C = 500 + 0.75(Y - T) - 500rI = 300 - 500rG = 400NX = 30T = 40 Given the information about the economy above, which expression below gives autonomous expenditures?
A. [1,230 - 1,000r] B. [1,200 - 1,000r] C. [1,200 - 1,000r] + 0.75Y D. [1,270 - 1,000r] + 0.75Y
In the above figure, if the budget line shifts from RT to RS, the substitution effect is illustrated by the move from
A) a to b. B) a to c. C) b to c. D) T to S.
Answer the following statements true (T) or false (F)
1. The U.S. economy is a mixture of perfect and imperfect competition and regulated and non regulated industries. 2. Self -interest is a major tenet of economic liberalism. 3. Laissez-faire is a policy of government nonintervention in the economy. 4. Laissez-faire is a policy of no government intervention in the economic activities of individuals and businesses.
Does the money demand curve have a positive slope or a negative slope? Why does it have this slope? Explain why an increase in the variable on the vertical axis of the money demand curve causes either an increase or a decrease in the variable on the
horizontal axis of the money demand curve.