A primary objective of labor unions is to
A) secure equal pay for its members.
B) have equal power with their employer.
C) seek better pay and improved work conditions.
D) all of the above.
E) none of the above.
C
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The U.S. trade deficit has been mainly caused by:
A. unfair trade restrictions imposed by other countries on imports. B. production of inferior goods in the U.S. C. cheap labor in other countries. D. a low rate of national saving.
A restrictive monetary policy is designed to shift the aggregate ________.
A. demand curve to the left B. supply curve to the right C. demand curve to the right D. supply curve to the left
A monopolist has market power because it
A. Is regulated by the government. B. Can raise price as much as it wishes and not lose any customers. C. Faces a downward-sloping demand curve for its own output. D. Is a price taker.
Related to the Economics in Practice on p. 525: If the estate in the Chekhov play Uncle Vanya is earning 2 percent, yet a potential buyer wants to earn more than 2 percent, the sales price of the estate would have to
A. rise. B. fall. C. double. D. No price will bring a higher return.