If a union succeeds in forcing employers in a perfectly competitive product market to increase wages above the equilibrium level, then the level of unemployment
A) will increase.
B) will remain constant.
C) will decrease.
D) may increase or decrease.
Answer: A
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Suppose that a local government decides to provide more funds to the local police department in order for the department to hire additional police officers. Is there an opportunity cost of this action? If so, how would you measure it?
What will be an ideal response?
Protectionism is
a. the belief that a nation's industries should be protected from foreign competition b. the belief that a nation's consumers should be protected from foreign competition c. based on the idea that economies of scale are important d. consistent with absolute advantage, but not with comparative advantage e. the favored approach of pro-trade groups
A decrease in the price of VCRs will increase demand for video cassettes
a. True b. False Indicate whether the statement is true or false
Refer to the accompanying table. To increase output from 99 to 132 units requires ________ extra employees per day; to increase output from 132 to 165 units requires ________ extra employees per day.Output Per DayNumber of Employees Per Day00331662994132716511
A. 7; 11 B. 3; 4 C. 11; 18 D. 4; 3