Labor unions in the United States
a. tend to be more outspoken politically than those in Europe.
b. have experienced steady declines in membership since the 1950s.
c. tend to be more powerful in deregulated industries (for example, airlines) than in regulated industries.
d. universally support socialist principles.
b
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When foreign aid is tied to purchases of low-priced food from the donor country, farm prices can drop in the developing countries, hurting poor farmers
a. True b. False
Total profit can be calculated by
a. subtracting total variable cost from total revenue b. subtracting total revenue from total costs c. subtracting total costs from total revenue d. finding the product of the difference between average profit and average total cost and the quantity produced e. quantity produced times the difference between marginal cost and average total cost
The saying "the lower the price, the better" may not always be correct for an economy's public interest because
a. people should have to pay for what they want. b. people will overuse something they perceive as being cheaper than the utility they receive for it. c. the government can no longer afford to provide all the goods and services it provides because it is slowly going broke. d. cheaper prices will make people buy less of other things.
How does a firm that is losing money in the short run decide whether to shut down or continue to produce to minimize its losses?