Which of the following will limit the ability of a union to push the wages of its members much above competitive levels?
a. the presence of nonunion firms that produce the same product as the unionized labor
b. foreign competition in the market for the product produced by the unionized labor
c. a highly elastic demand for the product supplied by the unionized labor
d. all of the above
D
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The welfare loss of a tariff equals that of an import quota that leads to the same level of imports
Indicate whether the statement is true or false
If the rate of return on the stock market is rm and the rate of return on a risk-free asset is rf, then
A) rm - rf measures the risk, all of it nondiversifiable, one has to accept in the stock market. B) rm - rf measures the risk, all of it diversifiable, one has to accept in the stock market. C) rm + rf measures the risk, all of it nondiversifiable, one has to accept in the stock market. D) rm + rf measures the risk, all of it diversifiable, one has to accept in the stock market. E) rm rf measures the stock market's total risk.
If a country had a nominal GDP of $7,664 billion and a real GDP of $9,346 billion, what was the GDP deflator?
a. 80 b. 82 c. 120 d. 122
Goods and services are produced in one country that are then sold in another country are called ______.
a. exports b. trade-able items c. surplus items d. economic stimulants