Laws that outlaw union shops and which may be passed (or not) by individual states are called
A) Smoot-Hawley laws.
B) pro-scab laws.
C) free-rider laws.
D) right-to-work laws.
Answer: D
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If the wages of loggers went up, the supply of logs would:
a. fall, thereby shifting to the right. b. fall, thereby shifting to the left. c. rise, thereby shifting to the right. d. rise, thereby shifting to the left.
In September 2005, destruction to U.S. gasoline refineries was caused by back-to-back storms along the U.S. Gulf Coast—Hurricane Katrina and Hurricane Rita
In one week, the average price of a gallon of gasoline in the United States increased by about 40 cents. Which of the following best explains why these events pushed up the price of gasoline? A) The demand curve for gasoline shifted to the left along the supply curve for gasoline. B) The supply curve for gasoline shifted to the left along the demand curve for gasoline. C) The demand curve for gasoline shifted to the right along the supply curve for gasoline. D) The supply curve for gasoline shifted to the right along the demand curve for gasoline.
What can be said about the market price when a good is in surplus (i.e., when the quantity supplied exceeds the quantity demanded)? How will demanders and suppliers respond to a surplus, and what will happen to the market price?
What will be an ideal response?
If the marginal propensity to consume is 0.75, then the value of the tax multiplier is
A) -2.5. B) -3. C) 1.25. D) 1.4.