The supply of workers in a particular occupation could be relatively small if:
A. training costs are high.
B. job features are undesirable.
C. there are few people with the required skills.
D. All of these are correct.
Answer: D
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Which of the following has NOT changed much as a percent of GDP over the last twenty years for the United States?
i. the official settlements account ii. the capital and financial account iii. the current account A) ii only B) ii and iii C) iii only D) i only E) None of the above answers is correct because all three have had large swings over the last 20 years.
In a two-person bargaining situation it is
A) always in the best interests of both players for each player to be as flexible as possible, and to have as many options as possible. B) always in the best interest of the player that moves first to be as flexible as possible, and to have as many options as possible. C) often in the best interest of players to pretend a game is noncooperative when it is not, and vice versa. D) often in the best interest of players to cut off some of their own options in order to make the other player's threats not credible. E) often in the best interest of players to cut off some of their own options in order to make their own threats credible.
Which of the following will tend to increase the ability of a union to increase the wages of its members?
a. Almost all of the firms in the industry are unionized. b. Foreign competition for the product produced by the union labor is intense. c. There is a reduction in the demand for union labor. d. The demand for the product produced by the union labor is highly elastic.
Recent developments in political economy
a. render much of the traditional field of political science obsolete. b. render much of the traditional field of economics obsolete. c. illustrate the resolute nature of democracy. d. point to the fact that government is a less-than-perfect institution.