Methods that are sometimes used by unions to increase wages of union workers include
I. advertising to increase the demand for union-made goods.
II. campaigning against imports
A) I only
B) II only
C) both I and II
D) neither I nor II
Answer: C
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The nominal interest rate is 7 percent and the expected inflation rate is 4 percent. The real interest rate is:
A) 10 percent. B) -2 percent. C) 3 percent. D) 4 percent.
On a money demand diagram with the interest rate on the vertical axis, the real money balance demand schedule would be a vertical line under the assumption that
A) a lower interest rate raises the demand for real money. B) a lower interest rate lowers the demand for real money balances. C) the interest rate has no effect on the demand for real money balances. D) balances. E) a higher real GDP raises the demand for real money balances.
A sudden fall in the market demand in a competitive industry leads to
a. A short run market equilibrium price lower than the original equilibrium b. A market equilibrium price lower than the short run price c. New firms entering the market d. All of the above
Which of the following would not be classified as an economic resource by economists?
A. A professional soccer player. B. Water in a town's reservoir. C. Money in a business checking account. D. The manager of the local hamburger restaurant.