The unionization rate represents the
A. Proportion of industries that are dominated by unions.
B. Percentage of the total labor force belonging to unions.
C. Annual percentage growth in the total number of unions.
D. Market power of unions relative to the market power of nonunion labor.
Answer: B
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A regional airport decides to extend a runway, increasing the amount of noise pollution on nearby homes. Assume that an optimal corrective tax can be applied
Should that tax be paid as compensation to the nearby homeowners? How might compensating the homeowners change their (and potentially others) incentives?
According to the graph shown, at a price of $15, there is a:
A. shortage of 10.
B. shortage of 20.
C. shortage of 30.
D. surplus of 20.
When economic profits are present in a market,
a. firms will exit from the market. b. new firms will enter the industry and the existing firms will expand the scale of their operation. c. firms will raise their prices and reduce output. d. the value of the product is less than the value of the resources required for its production.
How is utility defined?
A. ease of use B. government provided goods like electricity C. the satisfaction experienced from consuming a good D. the change in benefit from producing one additional unit of a good