A union can induce a rise in equilibrium wages in a unionized industry by
A) not striking.
B) successfully increasing the demand for union labor.
C) successfully decreasing the demand for union labor.
D) reducing the marginal revenue product of firms employing union labor.
B
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In order for the banking system to expand the money supply with a money multiplier effect, all of the money loaned out
a. has to have been demand deposits at some bank b. has to stay in one bank c. by one bank has to be deposited in the same bank d. has to be repaid before the multiplier process can work e. has to equal the amount of legal reserves for the banking system
John Maynard Keynes said that people have three motives for holding money. Each of the following is a Keynesian motive except
A. inflation. B. transactions. C. speculative. D. precautionary.
Which one of the following describes the current state of economic development in the United States?
A. Employment is declining in the manufacturing sector and growing in the service sector. B. Employment is declining in the manufacturing sector and growing in the agricultural sector. C. The lack of well-defined property rights in the United States means that entrepreneurs do not expect to capture the benefits of innovations they bring to the marketplace. D. The United States is running out of natural resources, and therefore it will soon experience a drop in the rate of economic growth.
If a perfectly competitive firm operates in the short run and expands in the long run, then the firm's short run condition is
A. TR > TC. B. TR >TVC and TR < TC. C. TR < TVC. D. TR < TFC.