If a union sets the wage rate to maximize the total wage receipts of its members, the marginal revenue would be
A) zero.
B) negative.
C) positive, but greater than 1.
D) positive, but less than 1.
Answer: A
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Discuss the relationship between PPP and the Law of One Price
What will be an ideal response?
The goal of the firm is
A) low labor turnover. B) to maximize sales. C) to minimize costs. D) profit maximization.
In recent years, technological improvements and the Internet have substantially reduced transaction costs and expanded the availability of low-cost access to information, communications, and entertainment. Most economists believe that these changes Select one:
a. cause GDP to overstate the growth rate of real output and the improvement in the well-being of people. b. cause GDP to understate the growth rate of real output and the improvement in the well-being of people. c. cause the consumer price index to increase more rapidly than the general level of prices. d. reduce the gains from trade and thereby cause GDP to decline.
Trade-offs are involved in most policy decisions
a. True b. False Indicate whether the statement is true or false