A group of workers who bargain collectively with employers for higher wages and better working conditions is called a:
A. labor union.
B. labor monopsony.
C. closed shop.
D. labor collective.
Answer: A
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Which of the following is not an automatic stabilizer:
a. Business profits taxes. b. Welfare payments. c. Unemployment compensation. d. All of the above are examples of automatic stabilizers.
The minimum point of the average total cost curve always occurs at a larger output level than the minimum point of the average variable cost curve because:
A. marginal cost is rising. B. average fixed costs are falling. C. marginal cost is falling. D. average fixed costs are rising.
If the United States, at the point where it is currently producing, must give up the production of 500 bicycles (B) to produce 20 additional tractors (T) with the same resources, its opportunity cost may be expressed as:
A) 1/25B = 1T. B) 1B=1T. C) 1B=25T. D) 25B=1T.
Based on the circular flow model, money flows from households to businesses in:
A. factor markets. B. product markets. C. neither factor nor product markets. D. both factor and product markets.