Unionization provides ____ in given occupations, and as a result, wage rates in these occupations have a tendency to ____
a. barriers to entry; decrease
b. barriers to entry; increase
c. ease of entry; decrease
d. ease of entry; increase
b
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If an economy is characterized by increasing opportunity costs, increasing the production of S by constant amounts results in a constant decrease in the production of T
Indicate whether the statement is true or false
For a firm that is a price taker in the product market, all of the following are true except one. Which one is the exception?
a. Marginal revenue product can be found by multiplying price by marginal product. b. Marginal revenue product is the change in total revenue that results from increasing the use of a resource by one unit, other things constant. c. Marginal revenue product is constant at the prevailing price. d. Increased output by the firm has no impact on the price of the product. e. The marginal revenue product curve declines because of diminishing marginal returns.
Total costs never decrease as output increases
Indicate whether the statement is true or false
In the short-run, if the Federal Reserve increases interest rates, then consumption and investment ________, planned aggregate expenditure ________, and short-run equilibrium output ________.
A. increase; decreases; decreases B. decrease; decreases; decreases C. increase; increases; increases D. increase; increases; decreases