Union members earn about the same wage level as nonunion members in the same industry.
Answer the following statement true (T) or false (F)
False
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If aggregate hours are 100 billion hours and labor productivity is $40 an hour, than real GDP equals
A) $100 billion. B) $40 billion. C) $100 trillion. D) $2.5 trillion. E) $4 trillion.
The cost disease of personal services is caused by
A. falling labor productivity across industries. B. uneven productivity growth across industries. C. the excludability of personal services. D. the nonexcludability of personal services.
When economists say that banks must hold a percentage of their total deposits in reserve form, what does this mean?
A) It means that banks must hold a fraction of their customers' deposits either as bank deposits at the Federal Reserve, or as vault cash, or both. B) It means that banks reserve the right to turn away customers a certain percentage of the time. C) It means that the fraction of vault cash a bank has cannot be greater than the fraction of bank deposits (it has) at the Federal Reserve. D) Essentially, it means that total reserves are greater than required reserves. E) none of the above
The members of the Board of Governors of the Federal Reserve are
A) elected by a vote of the Federal Reserve District Bank presidents. B) appointed by the President of the United States with approval by the Senate. C) appointed by the Congress with approval by the President of the United States. D) elected by a general election of the citizens of the United States.