The union wage differential
A) varies substantially across employment sectors.
B) increases during expansions.
C) has remained fairly constant over the past 30 years.
D) is greater for private sector employees than for government sector workers.
A
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List and briefly describe the five factors of production
What will be an ideal response?
A society will be at a point inside its production possibilities curve whenever
a. all resources are fully employed. b. income is equally distributed. c. some resources are unemployed. d. resources are scarce.
In the long run ________
A) the amount of output an economy can produce is determined by real variables like capital, labor and technological advances B) aggregate supply is fixed at the potential level of output C) there is enough time for prices to fully adjust so the classical dichotomy holds D) all of the above E) none of the above
Assuming that clothing is a normal good, an increase in consumer income, other things being equal, would:
a. increase the demand for clothing. b. decrease the demand for clothing. c. increase the quantity of clothing demanded. d. decrease the quantity of clothing demanded