Refer to Figure 14.2. Hurricane Katrina was responsible for destroying a large portion of oil and natural gas refining capacity on the Gulf coast in 2005. Other things equal, this would best be represented by a movement from
A) point A to point B.
B) point B to point A.
C) point B to point C.
D) point A to point C.
B
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The organization that releases the official unemployment data in the United States is the Bureau of Labor Statistics
Indicate whether the statement is true or false
The sale of
A) a used textbook does enter GNP. B) a used textbook does not enter GNP, but the sale of a used house does. C) both a used textbook and a used house do not enter GNP. D) a used house does not enter GNP, but the sale of a used book does. E) the GNP does not include sale of used items priced below $1000.
In the long-run, the entry of new firms in a competitive market shifts the aggregate supply curve to the left
a. True b. False Indicate whether the statement is true or false
Which of the following refers to the process by which unions negotiate their wages and benefits?
a. collective bargaining b. efficiency wage modelling c. minimum wage setting d. wage-rate determination