If a union is able to successfully lobby Congress to limit imports of rival products, and thus to raise the demand (and thus price) for the goods or services they make, then which of the following best describes the outcome?
a. The supply of labor will increase
b. The demand for labor will increase.
c. The supply of labor will decrease.
d. The demand for labor will decrease.
b
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Refer to the scenario above. The nominal GDP of the country in Year 1 was ________
A) $280,000 B) $2,200,000 C) $1,400,000 D) $540,000
________ are non-excludable in consumption
A) Public goods and private goods B) Public goods and common pool resources C) Private goods and club goods D) Club goods and common pool resources
Being unemployed in economic terms means that you are:
a. out of work and actively looking for a job. b. out of paid work and not actively looking for a job. c. out of work and not actively looking for a job. d. out of paid work and unable to work.
Monopolistically competitive firms advertise to attempt to
A. increase barriers to entry. B. lower barriers to entry. C. build brand loyalty. D. lower their average variable costs.