Which of the following is correct?
a. There is consensus among economists that unions are good for the economy.
b. There is consensus among economists that unions are bad for the economy.
c. There is consensus among economists that, on net, unions have almost no impact on macroeconomic variables.
d. There is no consensus among economists about whether unions are good or bad for the economy.
d
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The characteristics that describe a perfectly competitive industry include
A) many firms selling an identical product. B) one firm selling to many buyers. C) many firms selling a slightly differentiated product. D) a few firms selling to many buyers. E) None of the above answers is correct.
A reason why it is difficult for developing countries to maintain a cartel is that
A) the elasticity of demand for a cartel's output decreases over time. B) producers in the cartel have an economic incentive to cheat. C) economic profits discourage other producers from entering the industry. D) producers in the cartel have the motivation to lower prices but not to raise prices. E) tariffs allow producers in the cartel to produce items that make no profit.
Suppose robotic technology improves the results of abdominal surgery—less time to perform the surgery, faster recovery times, and fewer mistakes. What is the impact on the market for abdominal surgery using this new technology?
a. Demand for robot-assisted surgery will increase. b. Hospitals will be slow to adopt the new technology fearing that it may result in lower prices. c. The demand for surgical assistants will increase. d. All of the above.
All of the following would add to the demand for U.S. dollars except:
A. Long-term capital inflows B. Foreign travel by United States citizens C. Exports of commodities from the United States D. Travel by foreigners on United States airlines