If outsiders had more say in union contracts then it is likely that union wages would be
a. higher so unemployment would be higher.
b. higher so unemployment would be lower.
c. lower so unemployment would be higher.
d. lower so unemployment would be lower.
d
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Suppose the demand curve for a good is given by the equation P = 200 - 1/2 Q and the supply curve is given by the equation P = 50 + 1/4 Q, where P represents the price of the good (measured in dollars per unit) and Q represents the quantity of the good (measured in units per week).
(i) Find the equilibrium price and quantity for this market. (ii) Suppose the government imposes a sales tax of $9 per unit on this good. Find the new formula for the demand curve, the new equilibrium quantity, the post-tax price received by suppliers, and the post-tax price paid by demanders. (iii) What fraction of the economic burden of this tax is borne by demanders and what fraction is borne by suppliers?
When the price of a normal good rises, the income effect results in ________ in the quantity demanded and the substitution effect results in ________ in the quantity demanded
A) an increase; an increase B) an increase; a decrease C) a decrease; an increase D) a decrease; a decrease
If it is easy to uncover buy and sell orders above and below current transactions prices, a market is said to
A) be primary. B) lack breadth. C) be deep. D) be resilient.
The demand curve for a foreign currency
a. slopes upward b. slopes downward c. is horizontal d. has a slope of 45 degrees e. is vertical