Economists have found that union workers earn about 30 to 40 percent more than similar workers who do not belong to unions
a. True
b. False
Indicate whether the statement is true or false
False
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Refer to Table 4-4. If a minimum wage of $10.50 an hour is mandated, what is the quantity of labor demanded?
A) 400,000 B) 370,000 C) 340,000 D) 60,000
What is meant by revenue-neutral tax reform? How might agreeing to revenue-neutral tax reform help lead to a more efficient tax system?
What will be an ideal response?
If firms in monopolistic competition are earning short-run profits,
a. barriers to entry will allow the profits to continue in the long run. b. total supply in the market will decrease in the long run as firms reduce output to keep prices high. c. the entry of new firms will eliminate the profits in the long run. d. each existing firm will experience an increase in its average revenues in the long run.
When you buy an automobile, you can prevent others from gaining any benefit simply by denying them access to the automobile. In this sense, an automobile is a(n)
a. exclusive good b. rival good c. public good d. merit good e. nonexclusive good