One reason unions have declined as a percent of the workforce is that workers have shifted from __________ to __________ industries, which are harder to organize.
A. manufacturing; service
B. service; manufacturing
C. financial; manufacturing
D. None of these choices are correct.
A. manufacturing; service
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If the managers of your firm have bounded rationality, then
A) the firm should fire them and hire more competent managers. B) a Nash equilibrium does not exist. C) they are limited in their ability to calculate and may not succeed in maximizing profits. D) it is not possible to maximize profits.
A firm seeking to maximize economic profits should produce at the output at which
A) total revenue equals total cost. B) marginal revenue equals marginal cost. C) average revenue equals average cost. D) marginal revenue equals average revenue.
The problem for government policy makers of knowing just where the business cycle turning points are is important in implementing
a. a balanced budget b. sustained economic growth c. appropriate technology d. countercyclical fiscal policy e. inflationary and deflationary gaps
To predict the effects of a tax cut on consumption spending, economists must have some estimate of the
a. income effect. b. substitution effect. c. relative price effect. d. marginal propensity to consume.