The refusal to work by unionized labor is an example of
A. A lockout.
B. A strike.
C. Collective bargaining.
D. The right to work.
Answer: B
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Which of the following are implicit costs for a typical firm?
a. Insurance costs. b. Electricity costs. c. Opportunity costs of capital owned and used by the firm. d. Cost of labor hired by the firm. e. The cost of raw materials.
A computer manufacturer sells 1,000 units per month at $500 each. A price cut to $400 is being considered. His marginal cost is constant at $300 per unit. To maintain profits, quantity sold must increase to at least
a. 1,500. b. 2,000. c. 2,500. d. 3,000.
Which of the following statements about the Earned Income Tax Credit Program (EITC) program is FALSE?
A. It is the largest poverty reduction program in the U.S.. B. It provides rebates of Social Security taxes to low-income workers. C. On net the EITC discourages work by low- or moderate- income earners more than it rewards work. D. Recipients who receive benefit payments under Social Security are also eligible for SSI.
When the level of aggregate production is less than the potential output level, this implies that unemployment is high. Jobs are scarce and workers are abundant, which causes nominal wages to fall over time. The SRAS will shift to the left, moving the short run level of aggregate production closer to the potential output level.
Indicate whether the statement is true or false.