Unions can increase their wage rates by
a. all of the following
b. decreasing the supply of labor
c. using the threat of a strike
d. increasing the proportion of union workers in the industry
e. increasing the demand for the product they produce and, therefore, the demand for their labor services
A
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According to Marx, which of the following factors of production did not contribute anything of value to production?
A) capital B) entrepreneurship C) natural resources D) labor
All of the following are sources of comparative advantage except
A) technology. B) climate and natural resources. C) a strong foreign currency exchange rate. D) relative abundance of labor and capital.
Assuming that the central bank is following a money stock targeted, an exogenous rise in investment demand
a. causes income to rise but the money stock has to be increased to accommodate the expansion. b. has to be accommodated with open market purchases to expand the money stock. c. increases income, money demand, and lowers the interest rate. d. increases income and money demand and lowers the interest rate. e. none of the above.
Differentiate between consumer's surplus and producer's surplus. For a rational consumer, consumer's surplus will never be a negative number. Why?