On the eve of World War I, gains for unions included all of the following except:
a. substantial wage gains for members in some industries, including bituminous coal mining.
b. the establishment of insurance programs to compensate workers injured on the job.
c. political victories, including the elevation of the Department of Labor to cabinet-level status.
d. legal protection of the closed shop.
d. legal protection of the closed shop.
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If a firm raised its price and discovered that its total revenue fell, then the demand for its product is
A) relatively elastic. B) perfectly inelastic. C) perfectly elastic. D) relatively inelastic.
Lydia was born with an aptitude for composing music. This aptitude is an example of
A. property. B. natural capital. C. human capital. D. a compensating differential.
Comment on the statement: “Discretionary fiscal policy offers an ideal approach to dealing with the nation’s economic problems. It is without problems, criticisms, or complications.”
What will be an ideal response?
One factor that shifts the consumption schedule is household wealth. Households build wealth by:
A. Spending their current incomes B. Spending out of their future incomes C. Spending their incomes as they earn them D. Not spending all their current incomes