An effective craft union acts as a monopoly
A. demander of labor.
B. seller of labor.
C. demander of capital.
D. seller of capital.
Answer: B
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In allocating time between competing uses,
a. an individual will try to maximize marginal utility per hour spent on one activity b. time is considered a free good c. an individual will try to equate marginal utilities per hour spent on each activity d. time can be purchased for cash e. an individual will try to equate the marginal utilities derived from each activity
Capitalism is an economic system in which there is public ownership of the means of production and resource allocation is determined through markets.
Answer the following statement true (T) or false (F)
Use the following graph to answer the next question.
Suppose an economy is in equilibrium at its full employment output level Q2. Next, suppose the outcome of political events causes pessimism among businesses and consumers and the economy's aggregate demand shifts to AD1 (and the new equilibrium output is Q1). Excluding other events, if the government fails to implement expansionary fiscal policy, in the long run, we would expect Real GDP in the economy to
A. shift toward Q0. B. shift past Q2 toward Q3. C. shift back toward Q2. D. remain at Q1.
A bank is able to make new loans equal to:
A. legal reserves of the bank. B. total reserves of the bank. C. required reserves of the bank. D. excess reserves of the bank.