A craft union is a union composed of all the workers at a single firm
a. True
b. False
B
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For a regulated natural monopoly, the marginal cost pricing rule is a rule that sets price ________ marginal cost and achieves an ________ amount of output
A) equal to; efficient B) above; inefficient C) below; efficient D) equal to; inefficient E) above; efficient
In the Keynesian model, if the actual price level is higher than the expected price level, then
a. output is above potential output. b. output is always at potential output. c. output is below potential output. d. output is moving towards potential output.
An economy produces 500,000 tables valued at $100 each. Households purchase 100,000 tables, of which 50,000 are imported. Businesses purchase 200,000 domestically produced tables, the government purchases 100,000 domestically produced tables, and 50,000 domestically produced tables are sold abroad. At the end of the year, the table manufacturers hold the unsold tables in inventory. What is value of the investment component of GDP?
A. $20 million B. $30 million C. $25 million D. $10 billion
Recall the Application about the opportunity cost of an entrepreneur to answer the following question(s).Recall the Application. Which of the following would be included as an opportunity cost of renting your house through Airbnb?
A. opportunity cost of time sending emails B. opportunity cost of cleaning the house C. fees to Airbnb D. All of these are part of the costs.