The basic economic goal of American labor unions is
A. to increase the real income of their members.
B. to increase the real income of all workers.
C. to improve the nominal wages of their members.
D. to improve working conditions.
A. to increase the real income of their members.
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In the simple Keynesian consumption function, consumption demand is
A) a function of disposable income alone. B) a function of disposable income and an autonomous component. C) simply an autonomous amount exogenous to the model. D) a function of the interest rate and an autonomous component. E) a function of the interest rate alone.
A painter pays $500 for paint he uses to repaint a house. He then presents a bill for $1200 that covers his time and expenses to the homeowner. How much do these transactions add to GDP?
a. $500 b. $700 c. $1200 d. $1700
Figure 14.6 represents the market for health insurance. Suppose there are two types of consumers, low-cost consumers with $2,000 average medical expenses per year, and high-cost customers with $4,000 average medical expenses per year. The insurance companies estimate that 40% of its customers are high-cost type. If the insurance companies set the price equal to their average cost per customer, what is the insurance companies' average cost per customer ($Y)?
A. $4,000 B. $3,400 C. $2,800 D. $2,000
One reason for the success that firms have in getting the government to erect and maintain barriers to foreign competition is members of Congress who engage in ________, where members in districts with protected industries agree to trade votes on issues
that concern other members in order to uphold tariffs. A) vote fixing B) gerrymandering C) logrolling D) filibustering