If the union wants to follow the strategy of maximizing member's income, wages should be set
A) above the market clearing wage rate.
B) such that all that wanted to work could work.
C) at the market clearing wage rate.
D) at the point at which the price elasticity of demand equals 1.
D
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Everything else held constant, if income tax rates were lowered, then
A) the interest rate on municipal bonds would fall. B) the interest rate on Treasury bonds would rise. C) the interest rate on municipal bonds would rise. D) the price of Treasury bonds would fall.
The velocity of M2 is equal to
A) M3 minus M1. B) GDP divided by M2. C) GDP multiplied by M2. D) the velocity of M1.
The use of government spending and taxation to make changes in the level of national income is known as fiscal policy
Indicate whether the statement is true or false
The marginal rate of transformation is the slope of the production possibility frontier.
Answer the following statement true (T) or false (F)