Critics of unions tend to focus on the fact that unions
A) tend to generate higher wages.
B) reduce profits.
C) are politically active.
D) engage in restrictive labor practices.
Answer: D
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Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting downward C. Aggregate demand shifting rightward D. Aggregate demand shifting leftward
If, as an entrepreneur, I am earning accounting profits of $50,000 per year and the opportunity cost of my time is $60,000
A) I am earning economic profits of $10,000. B) I am earning economic profits of $50,000. C) I should close my business. D) I am in a long-run equilibrium position.
One way tariffs differ from quotas is that
A) tariffs produce revenues for the importing country's government. B) quotas produce revenues for the exporting country's government. C) tariffs produce no revenues but set limits on the imported items. D) tariffs are applied only on raw materials.
In Figure 26.1, producer surplus under perfect competition is 
A. FABE. B. P2AC. C. EBC. D. FP2C.