Refer to the above figure. If the union wants to maximize the total income of its members who work, it will set wages at
A) W1.
B) W2.
C) W3.
D) W4.
B
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Many art galleries keep 60% of the sale price of a painting. However, art galleries do not typically pay the artist while the painting hangs on the wall. This form of contingency contract may be efficient if
A) the artist is less risk averse than the gallery. B) the gallery is less risk averse than the artist. C) the artist is unable to diversify across galleries or paintings. D) the gallery is unable to diversify across artists of paintings.
Which of the following is an example of fiat money?
A. Gold B. Paper dollars C. Solid silver coins. D. None of the above is correct.
A movement downward and to the right along a demand curve is called a(n)
a. increase in demand. b. decrease in demand. c. decrease in quantity demanded. d. increase in quantity demanded.
The Bureau of Labor Statistics counts discouraged workers as
a. employed. Including them as employed makes the unemployment rate lower than otherwise. b. unemployed. Including them as unemployed makes the unemployment rate higher than otherwise. c. out of the labor force. If they were counted as unemployed the unemployment rate would be higher. d. None of the above is correct.