There is a clear consensus among economists that unions are
a. good for the economy because they result in higher wages for most workers.
b. good for the economy because they are a necessary antidote to the market power of employers.
c. bad for the economy because they are cartels and therefore detrimental to an efficient allocation of resources.
d. None of the above is correct; there is no clear consensus among economists about whether unions are good or bad for the economy.
d
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The costs in time and other resources that parties incur in the process of facilitating an exchange of goods and services are called
A) implicit costs. B) explicit costs. C) enforcement costs. D) transactions costs.
Because financial markets clear, we know that leakages in the economy will equal injections and, therefore, there will be enough spending in the economy to purchase whatever amount of output level produced
a. True b. False
Other than its main role of controlling the supply of money, the functions of the Federal Reserve include
Radon Research Corporation (RRC) is one of 24 firms in Albuquerque testing homes for dangerous levels of radon gas. There is a standard test that all testing companies use. The manager of RRC wants to know the number of homes to test in 2015 in order to maximize the firm's profit. The manager forecasted a price of $160 for radon tests in 2015. The firm's marginal cost was estimated asSMC = 200 ? 15Q + 0.8Q2where Q is the number of tests performed each week. RRC's fixed cost will be $250 per week. How many radon tests per week should be undertaken?
A. 16.8 B. 15.5 C. 12.5 D. 20 E. 17.3