To reduce labor surplus above the equilibrium union wage level, a union may do all of the following EXCEPT
A) lengthen apprenticeship period.
B) assign jobs based on seniority.
C) limit the number of new members accepted.
D) encourage nonunion members to join the union.
D
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In the Keynesian model, suppose the Fed sets a target for the real interest rate. If the IS curve shifts down and to the left, and the Fed wants to keep output unchanged in the short run and the price level unchanged in the long run, it will
A) shift the LR curve up. B) not shift the LR curve. C) shift the LR curve down. D) shift the IS curve up and to the right.
Does this production function, q = 10L0.5K0.3, experience increasing, decreasing or constant returns to scale?
A) Decreasing because a 100% increase in inputs increases outputs by 80%. B) Increasing because an 80% increase in inputs increases outputs by 100%. C) Decreasing because 0.5 + 0.3 < 1. D) A and C.
When marginal revenue equals marginal cost, the firm just "breaks even."
a. True b. False
Suppose total disposable income in Country X rises by $500 billion while total consumption rises by $50 billion. What would be the slope of the consumption function for this nation?
a. 1 b. 0.1 c. 0.5 d. 0.25 e. 0.4