Workers who organize to bargain collectively for wages and working conditions form a
a. joint council
b. labor cartel
c. labor federation
d. collective
e. labor union
E
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Suppose you have a choice of working full-time during the summer or going full-time to summer school. Summer tuition and books are $2,200 . If you worked, you could make $7,000 . Your rent is $1,000 for the summer, regardless of your choice. The opportunity cost of going to summer school is, therefore,
a. $2,200 b. $7,000 c. $8,000 d. $9,200 e. $10,200
Which of the following is a normative statement?
a. The deduction for state taxes cost the federal government $100 billion per year. b. Taxpayers in North Carolina pay state taxes which are above the national average. c. Twenty-two states use a lottery to raise state taxes. d. Congress is considering the president's tax plan to increase taxes which is a fair plan.
All of the following contribute to greater deficits when unemployment rises and reduce the deficit during an inflationary gap except for
A. Progressive personal income taxes. B. U.S. exports. C. Welfare benefits. D. Unemployment insurance benefits.
If the price elasticity of demand for water is inelastic, which of the following could be a possible value of the elasticity?
A. 2 B. 1 C. 0.5 D. All of these