In the financial crises of the 1990s, investors lost huge amounts of wealth as a consequence of the rapid drop in values of local firms in each country
a. True
b. False
Indicate whether the statement is true or false
True
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If a good has many close substitutes, then its demand is most likely
A) elastic. B) inelastic. C) unit elastic. D) perfectly inelastic. E) elastic or inelastic depending on whether the price of the good is increasing or decreasing.
Trade-offs are:
A. associated with every decision. B. do not exist if we receive something for free. C. always result in market-failure. D. can be avoided through economic planning.
A government annually collects $230 billion in tax revenue and allocates $70 billion to military spending. What percentage of this government's budget is spent on its military?
a. 27.50% b. 36.63% c. 30.43% d. 41.90%
All of the following are true about the Wagner Act of 1935 except that it
a. prohibited unfair labor practices by unions b. was the most important piece of labor legislation in United States union history c. established that firms must accept unions as legitimate institutions in collective bargaining d. guaranteed the union's right to conduct elections freely among workers e. is regarded by unions as their Magna Carta