A market system is not considered an effective way of controlling self-interest.
Answer the following statement true (T) or false (F)
False
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Many unions attempt to raise the hourly wages received by their members by restricting the supply of workers firms can hire from. Assuming the demand for workers who belong to these unions is inelastic, this would cause:
A) wages of individual union members to decrease and the total (combined) income of union members to increase. B) wages of individual union members and the total (combined) income of union members to decrease. C) wages of individual union members to increase and the total (combined) income of union members to decrease. D) wages of individual union members and the total (combined) income of union members to increase.
The law of diminishing marginal product provides an explanation for why average total cost eventually increases as output is expanded in the short run
a. True b. False Indicate whether the statement is true or false
The fall of actual GDP below the level of potential GDP is a signal that the economy is in a recession
a. True b. False Indicate whether the statement is true or false
Which is NOT an example of government intervention in the economy?
A. The Great Recession B. The Federal Reserve C. The Food and Drug Administration D. The Troubled Asset Relief Program