An efficient point of production is
A) a point on the production possibilities curve.
B) a point inside the production possibilities curve.
C) the point where scarcity no longer exists.
D) the point where we are currently producing.
A
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In November 2008, the air traffic controllers who work at Guam became unionized. What would NOT be a way for the union to influence labor demand?
A) Have monthly training which improves the marginal productivity of the air traffic controllers. B) Support minimum wage laws. C) Creating job certification which limits the number of newly certified air traffic controllers. D) Lobby the government to limit who can apply to be an air traffic controller in Guam to those who are certified through the union.
Ceteris paribus, in a closed economy, if consumers become more optimistic ________
A) autonomous consumption would decrease B) the equilibrium interest rate should increase C) saving should increase D) all of the above E) none of the above
Which of the following is an advantage for the host country of a multinational corporation?
(A) Greater political power. (B) Greater income from tariffs. (C) Greater protective tariffs. (D) Greater employment opportunities.
In order to keep the real wage rate constant, the
A) inflation rate must be exactly one half of the expected inflation rate. B) money wage rate must increase by the same amount as the inflation rate. C) money wage rate must increase when the price level falls. D) money wage rate must decrease by the same amount as the inflation rate. E) nominal interest rate must be equal to the inflation rate.