Assume that the union wage already exceeds the market-clearing wage. If the union wage is increased, holding other factors constant, then the number unemployed ________ and the number employed ________.
A. increases; decreases
B. increases; does not change
C. decreases; increases
D. increases; increases
Answer: A
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The Great Recession began in ________ and ended in ________
A) December 2007; June 2009 B) December 2007; December 2011 C) October 2008; June 2009 D) October 2008; December 2011
Refer to above Table 2-2. The implicit GDP deflator for year 2 is
A) 1.284. B) 1.432. C) 1.101. D) 1.334.
There is evidence to suggest that slaves were commonly sold and families were often separated
Indicate whether the statement is true or false
David tunes pianos in his spare time for extra income. Buyers of his service are willing to pay $135 per tuning. One particular week, David is willing to tune the first piano for $115, the second piano for $125, the third piano for $140, and the fourth piano for $175 . Assume David is rational in deciding how many pianos to tune. His producer surplus is
a. $-15. b. $20. c. $30. d. $75.