Which of the following is true of labor unions?
a. They allow employees to participate in internal decision making.
b. They can increase the amount of labor demanded by firms.
c. They help to reduce wage differentials among co-workers
d. They can raise the wage above the market equilibrium level.
d
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Marginal benefit is defined as
a. the net gain from a particular level of an activity. b. the additional benefit gained from the last unit of an activity. c. the difference between total benefits and total costs of a particular level of an activity. d. the difference between variable costs and fixed costs.
What is the approximate relationship among the real interest rate, the inflation rate, and the nominal interest rate?
What will be an ideal response?
Which of the following would cause a decrease in the supply of milk?
A) an increase the price of a product that producers sell instead of milk B) an increase in the price of cookies (assuming that milk and cookies are complements) C) an increase in the number of firms that produce milk D) a decrease in the price of milk
Which of the following best describes a policy of inflation targeting?
A) It's an inflexible rule that requires the central bank to always achieve a specified inflation rate. B) It allows monetary policy to focus on inflation and inflation forecasts except in the case of severe recession. C) It allows the central bank the flexibility of setting different inflation targets each year. D) It requires central banks to target current inflation rather than inflation forecasts.