Which of the following statements is true for the U.S. economy?
a. Higher wages in the unionized sectors of the economy push up wages in the nonunion sectors as well.
b. Inflation tends to accelerate when the proportion of the labor force that is unionized increases.
c. Union workers currently receive wages that are 15 to 20 percent higher, on average, than similar nonunion workers.
d. When we compare similar union and nonunion workers, we find virtually no difference in the wages they receive.
C
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Marginal resource cost is
A. the increase in total resource cost associated with the production of one more unit of output. B. total resource cost divided by the number of inputs employed. C. the change in total revenue associated with the employment of one more unit of the resource. D. the increase in total resource cost associated with the hire of one more unit of the resource.
Compared with a system of fixed exchange rates, currency unions are beneficial because they
A) restrict what countries can do with fiscal policy. B) allow exchange rates to float. C) allow every country to have an independent monetary policy. D) eliminate the possibility of speculative attacks.
Small-denomination time deposits are less than
A) $1,000. B) $1 million. C) $100,000. D) $10,000.
If the government were to impose a fine of $4,000 for each unit of air-pollution released by a fertilizer plant, the policy would be considered
a. a subsidy. b. a regulation. c. a corrective tax. d. an application of the Coase theorem.