In the United States the differential between union and non-union wages
A) does not exist.
B) currently averages about 50-60 percent.
C) has been narrowing.
D) tends to fall during a recession because union members typically have shorter-term contracts than do nonunion employees.
C
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Refer to Figure 8A.1. When the economy reaches K, total saving is represented by point ________ and depreciation is represented by point ________
A) Y; e B) Y; Y C) e; e D) e; Y
To combat inflation, Congress and the president should
A) increase transfer payments. B) decrease taxes. C) decrease government spending. D) raise interest rates.
Which of the following is characteristic of monopolistically competitive industries? a. Product differentiation
b. A substantial likelihood of collusion. c. Relatively small market shares of each producer. d. Both (a) and (c) are characteristics of monopolistically competitive industries.
Sizable economic profits can persist over time under monopoly if the monopolist
a. produces that output where average total cost is at a maximum. b. is protected by barriers to entry. c. operates as a price taker rather than a price maker. d. earns revenues that exceed variable costs.