The organization that was set up to promote the interests of a loose group of craft unions was the
a. Knights of Labor
b. Congress of Industrial Organizations
c. Cigar Maker's Union
d. Welder's Union
e. American Federation of Labor
E
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A cartel is a formal agreement among firms to control price and output of a product
a. True b. False Indicate whether the statement is true or false
Which of the following is an examples of spending on factors of production in the circular flow model?
The greater the the number and closeness of substitutes available between monopolistically competitive firms
A. the greater the positive economic profits for a single firm. B. the smaller the ability of a firm to raise its price above the price of close substitutes. C. the more inelastic the demand curve. D. the greater the ability of a firm to raise its price above the price of close substitutes.
Which of the following statements would appeal to someone who favors an expanded public sector as the basis of expansionary fiscal policy?
A. “The government isn’t the solution; it’s the problem.” B. “The government that governs least governs best.” C. “The American people want national defense; they want laws to be enforced; they want federal support for education and environmental protection, and they want transfer payments for the elderly and unemployed.” D. “If you ever got anything good out of the government you can be sure that some rich so-and-so got more.”