Which is the most accurate statement?
A. Unions are much more powerful today than they were 35 years ago.
B. Unions are more powerful in the South than in any other section of the country.
C. Nearly half of all American wage earners are members of unions.
D. Union membership as a percentage of the labor force has been falling since the mid-1950s.
D. Union membership as a percentage of the labor force has been falling since the mid-1950s.
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Why is money you receive at some future date worth less to you than money you receive today?
What will be an ideal response?
The three ways of reducing a government budget deficit are to
A) decrease government spending, reduce consumption, increase the tax rate. B) increase government spending, decrease real income, reduce the tax rate. C) decrease government spending, increase real income, reduce the tax rate. D) decrease government spending, increase real income, increase the tax rate.
Refer to Figure 8.1. At the profit-maximizing level of output, AVC is
A) $22. B) $26. C) $30. D) $32. E) $40.
Which statement about price elasticity of demand along a linear demand curve is true?
A. As the quantity demanded increases, so does the buyer's sensitivity to price. B. When price elasticity of demand is equal to 1, consumers are indifferent to subtle price changes. C. The ratio of current price to quantity demanded is a good estimate of the elasticity of demand. D. As the prices of goods increase, the elasticity of demand increases.