Since 1970, union membership, as a percent of the labor force,
a. has remained virtually unchanged.
b. has increased, as more government workers have decided to unionize.
c. has decreased.
d. has gone through wild swings both up and down.
C
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Suppose a price index is formed to measure changes in the price level between 1999 to 2005. A price index based on changes in the cost of the basket of goods purchased by the typical consumer in 2005 is called a
a. relative price index. b. consumer price index. c. Laspeyres price index. d. Paasche price index.
Which of the following is associated with classical growth theory?
I. Growth in real GDP can continue indefinitely. II. Technological growth increases as the population grows. III. Population explosions bring real GDP per person back to subsistence levels. A) I B) II C) III D) I and III
The above figure shows the demand curve for movie rentals from Redbox. Which of the following is TRUE?
A) Consumer expenditure on movie rentals will always increase whenever Redbox lowers its price. B) Redbox will receive more total revenue if it charges $4.00 per movie rental rather than $3.00. C) The price elasticity of demand for movie rentals falls as Redbox raises its price. D) The demand for movie rentals is more price inelastic at $1.00 than it is at $1.50.
Having a well-known brand name associated with high quality is
A. is a value to consumers. B. can take a long time to establish. C. can be costly to maintain. D. All of these statements are true.