In which one of these years was labor union membership the highest?
A. 1940
B. 1960
C. 1980
D. 1990
C. 1980
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Which of the following statements is true?
A) Models help economists to explain the past, but do not help in predicting the future. B) The scientific method used by economists is based on idealism and not empiricism. C) Testing with data enables economists to distinguish between good models and bad models. D) Models that economists use are perfect replicas of reality.
Data shows that United States college students purchase more e-books than German college students. Assuming that all students have identical preferences for e-books and textbooks, what is the likely explanation for this result?
A) Taxes on textbooks are higher in the United States than taxes on textbooks in Germany. B) Taxes on textbooks are lower in the United States than taxes on textbooks in Germany. C) The price of textbooks is cheaper in the United States than textbooks in Germany. D) Both A and C.
To eliminate a recessionary gap, the Fed can: a. increase the money supply as it will increase the interest rate and investment
b. increase the money supply as it will decrease the interest rate and increase investment. c. decrease the money supply as it will increase the interest rate and investment. d. decrease the money supply as it will decrease the interest rate and investment. e. decrease the money supply as it will increase the interest rate and decrease investment.
Which of the following is true about the relationships among various cost curves?
a. When MC exceeds ATC, ATC must be rising. b. When MC exceeds ATC, ATC could be rising or falling. c. When ATC is falling, MC must exceed ATC. d. When TC is rising, MC must exceed TC. e. TC falls when AFC falls.