Studies have shown that union workers earn about
a. 10 to 20 percent more than nonunion workers in similar jobs.
b. 10 to 20 percent less than nonunion workers in similar jobs.
c. 40 to 50 percent more than nonunion workers in similar jobs.
d. 40 to 50 percent less than nonunion workers in similar jobs.
a
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There is a movement along the demand for money curve if
A) the nominal interest rate rises. B) there is an economic expansion so that real GDP increases. C) banking customers use ATM machines more. D) the price level increases.
An industry in which total costs are kept to a minimum because only one firm serves the whole market is called a:
a. natural monopoly. b. competitive monopoly. c. patent monopoly. d. limit monopoly.
For a given level of output, the short-run total cost of production
a. always falls below the long-run total cost of production b. always exceeds the long-run total cost of production c. always equals the long-run total cost of production d. may exceed or equal the long-run total cost of production e. may exceed or fall below the long-run total cost of production
Economic growth is likely to be faster when
a. higher tax rates are imposed on high income individuals in order to provide greater cash payments to the poor.
b. domestic markets are opened to foreign sellers and foreign investors.
c. the supply of money is increased rapidly so individuals have more money to spend.
d. dramatic changes in political and legal institutions occur often.