If a union is able to restrict the supply of a non-union-made substitute product,
a. wages will increase but employment will decrease
b. wages will increase and employment will increase
c. wages will decrease but employment will increase
d. wages will decrease and employment will decrease
e. the demand for non-union labor will increase
B
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Consider two economies: A and B. In economy A, the work culture is such that people do not mind working for 12 hours a day. On the contrary, in economy B, people work for a maximum of 6 hours in a day. If the culture hypothesis holds, then:
A) the growth rate in both economies are likely to fluctuate randomly. B) economy A is likely to grow faster than economy B. C) economy B is likely to grow faster than economy A. D) both economies are likely to grow at the same rate.
If an economy is stuck in a "bad" equilibrium in the coordination failure model
A) the government should intervene by spending more. B) the government should intervene by spending less. C) the government should promote optimism. D) there is nothing that can be done.
Exhibit 8-5 Demand and cost data for a monopolist Price Quantity TR MR TC Profit $10 1 10 10 4 9 2 8 8 3 12 7 4 16 6 5 20 5 6 24 4 7 28 3 8 32 2 9 36 1 10 40 Refer to Exhibit 8-5. The demand schedule and cost schedule for a monopolist are provided. Which output level maximizes profit?
A. 2. B. 6. C. 4. D. 7.
The economic development in Central America and the Caribbean countries has suffered from problems mentioned below except
a. The extreme poverty prevailing in the country b. Prolonged and continued U.S. military intervention in the region c. The rich people buying many luxury goods d. Substandard educational system that cannot cater to the needs to the industry e. Availability of rich middle class in the country