A legal arrangement whereby a firm can hire only union labor is called
A) a union shop.
B) a closed shop.
C) a sweat shop.
D) an open shop.
B
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Demand is inelastic if
A) a large change in quantity demanded results in a small change in price. B) the quantity demanded is very responsive to changes in price. C) the price elasticity of demand is less than 1. D) the price elasticity of demand is greater than 1.
The natural rate of unemployment will help determine
A) the open economy effect. B) the position of the long-run aggregate supply curve. C) the level of economic growth in the economy. D) low levels of inflation.
The government enforces property rights by
a. requiring property owners to pay property taxes. b. providing police and courts. c. forcing people to own property. d. providing public parks and recreation facilities.
Refer to the information provided in Table 20.1 below to answer the question(s) that follow. Table 20.1
Refer to Table 20.1. In Mexico, the opportunity cost of 1 bushel of bananas is
A. 1/2 bushel of oranges. B. 1 bushel of oranges. C. 2 bushels of oranges. D. 5 bushels of oranges.