The existence of a union
A) has no effect on labor supply and demand.
B) affects labor supply only.
C) affects labor demand only.
D) can affect both labor supply and labor demand.
D
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The Lucas Wedge shows
A) the negative impact inflation has on consumer spending. B) whether a country needs to slow its real GDP growth rate. C) the positive impact lower taxes have on real GDP. D) the negative impact a slowdown in real GDP growth has on potential GDP. E) the increased impact of government spending on real GDP.
The term "capital," as used in macroeconomics, refers to
A) the plant, equipment, buildings, and inventories of raw materials and semi-finished goods. B) financial wealth. C) the sum of investment and government purchases of goods. D) investment.
A monopolist is defined as
A) a firm with annual sales over $10 million. B) a large firm, making substantial profits, that is able to make other firms do what it wants. C) a single supplier of a good or service for which there is no close substitute. D) a producer of a good or service that is expensive to produce, requiring large amounts of capital equipment.
Refer to the game between James and Theodore depicted in Figure 12.2. Which of the following is true?
A. If James chooses Up, Theodore's best response is to choose Left.
B. If James chooses Down, Theodore's best response is to choose Left.
C. If Theodore chooses Left, James's best response is to choose Down.
D. If Theodore chooses Right, James's best response is to choose Up.