Collective bargaining by unions can result in a union wage rate that is ________ the equilibrium real wage rate and creates a ________ of labor
A) below; shortage
B) above; shortage
C) below; surplus
D) above; surplus
E) equal to; surplus
D
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Throughout the post-World War II era, the importance of tariffs as a trade barrier has
A) increased. B) decreased. C) remained the same. D) fluctuated wildly. E) demonstrated a classic random walk with a mean-reversion tendency.
Assuming the economy is in a recession, Keynesian economists predict that lower wages will shift the short-run aggregate supply curve rightward
a. True b. False Indicate whether the statement is true or false
Assume the central bank decides to pursue contractionary monetary policy. Where and how should you begin your analysis when analyzing the chain reaction of economic interactions?
a. Start the analysis in the real goods market with aggregate demand shifting to the left. b. Start the analysis in the real goods market with aggregate demand shifting to the right. c. Start the analysis in the real credit market with demand for real credit shifting to the left. d. Start the analysis in the real credit market with demand for real credit shifting to the right. e. Start the analysis in the real credit market with supply of real credit shifting to the left.
The optimal amount of studying is determined by comparing:
A. total benefit and the total cost of studying. B. marginal benefit and the total benefit of studying. C. marginal benefit and the total cost of studying. D. marginal benefit and the marginal cost of studying.