The president of the AFL from the late 1880s until his death in 1924 was
A. Robert Wagner.
B. James R. Hoffa.
C. Leon Trotsky.
D. Samuel Gompers.
D. Samuel Gompers.
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Assume a perfectly competitive constant-cost industry is initially at long-run equilibrium. Now suppose that a decrease in market demand occurs. After all the long-run adjustments have been completed, the new equilibrium price
A. will be the same as the initial price, and the output will be less. B. will be less than the initial price, but the new output will be greater. C. will be greater than the initial price, but the new output will be less. D. and industry output will be less than the initial price and output.
When the government controls the price of a product, causing the market price to be below the free market equilibrium price,
A) some consumers gain from the price controls and other consumers lose. B) all producers gain from the price controls. C) both producers and consumers gain. D) all consumers are better-off.
What effect does an expansionary monetary policy in the U.S. have on the foreign trade sector?
A) The lower value of the dollar will decrease exports and increase imports. B) The lower value of the dollar will decrease imports and increase exports. C) The higher value of the dollar will decrease exports and increase imports. D) The higher value of the dollar will decrease imports and increase exports.
A business incurs the following costs per unit: Labor - $5/unit; Materials $3/unit and rent - $5000/month. If the firm produces 100 . units a month, the total variable costs equals
a. $5,000 b. $8,000 c. $13,000 d. $10,000