Which of the following will tend to lower the ability of a union to increase the wages of its members?
a. strong competition from nonunion labor
b. threat of a strike
c. increased demand for union labor
d. all of the above
A
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The real interest rate is given by:
A) the nominal interest rate adjusted for inflation. B) the nominal interest rate adjusted for changes in exchange rate. C) the nominal interest rate adjusted for income changes. D) the nominal interest rate adjusted for tax rates.
Perfect price discrimination occurs when:
A) a firm charges wealthier buyers a lower price. B) a firm charges each buyer exactly their willingness to pay. C) a firm charges the same buyer different prices at different points of time. D) a firm charges different buyers according to the characteristic of their purchase.
An expansionary gap is equal to: a. real GDP minus nominal GDP
b. nominal GDP minus real GDP. c. the actual short-run output minus potential output. d. the actual price level minus expected price level. e. the actual long-run real GDP minus actual short-run disposable income.
When we focus on labor as an input in the production process, we typically draw the production function by measuring the
a. quantity of labor on the horizontal axis and the quantity of output on the vertical axis. b. quantity of labor on the horizontal axis and the marginal product of labor on the vertical axis. c. quantity of labor on the horizontal axis and the value of the marginal product of labor on the vertical axis. d. value of the marginal product of labor on the horizontal axis and the quantity of output on the vertical axis.