A total benefits package can increase a person's total compensation by ________ or more
a. 10 percent
b. 20 percent
c. 30 percent
d. 55 percent
C
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Where a firm generates beneficial externalities, society would be better off if
a. the firm produced a larger output level. b. the firm reduced its output level. c. a tax was levied on the firm equal to the dollar amount of the externalities. d. price was reduced below marginal private cost.
If the GDP deflator in 2011 was 130 compared to a value of 100 during the 2005 base year, this would indicate that
a. the inflation rate during 2011 was 30 percent. b. the general level of prices during 2011 was 30 percent higher than during 2005. c. the inflation rate during 2011 was 130 percent. d. nominal GDP grew by 30 percent during 2011. e. real GDP was 30 percent higher in 2011 than 2005.
Figure 6.4 represents a perfectly competitive firm's costs. Illustrate the firm's shut-down price on the graph. Explain.
What will be an ideal response?
Since the 1970s, union membership in the U.S. has been
A. declining. B. erratic. C. remaining constant. D. rising.