A union can influence the demand for labor by:
A. requiring union fees.
B. raising union fees.
C. effective advertising that convinces customers to buy the "union label."
D. lobbying for legislation to reduce immigration.
Answer: C
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The outcome of a competitive oligopoly:
A. is less efficient than that of colluding oligopolists. B. is more efficient than that of a perfectly competitive outcome. C. is more efficient than that of a monopolist. D. is less efficient than that of a monopolist.
A demand curve that is drawn as a vertical line has a price elasticity of demand equal to:
A. 0. B. the quantity. C. 1. D. infinity.
Which of the following is NOT a function of the Federal Reserve System?
A. regulating the money supply B. offering banking services to households and businesses C. supervising member banks D. acting as the fiscal agent of the federal government
The total utility of water is
A. lower than the total utility of diamonds, but the marginal utility is higher. B. the same as the total utility of diamonds, but the marginal utilities are the same. C. lower than the total and marginal utility of diamonds. D. higher than the total utility of diamonds, but the marginal utility of diamonds is higher.