The decline in big craft and industrial unions in the 1970s and 1980s has been partially offset by the rapid unionization of ____________.
Fill in the blank(s) with the appropriate word(s).
government employees
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Based on the table above which shows Chip's costs, if rice sells for $600 a ton, Chip will
A) shut down because he incurs an economic loss. B) shut down because the price is below his minimum average variable cost. C) stay open because he makes an economic profit. D) stay open because the price is above his minimum average variable cost.
Opportunity cost can best be defined as
A) the interest cost of financing a business loan at the bank. B) the value of all of the alternatives sacrificed. C) the value of the next-highest-ranked alternative. D) There is no real definition for opportunity cost.
Discuss the components of GDP using the expenditure approach
The historical record for the United States since 1900 shows
A. growth until 1970 and then a period of constant per capita real GDP. B. economic growth for about half the years and economic decline for the other half. C. continuous economic growth, although at different rates, throughout the entire century. D. mostly positive economic growth, with a few periods of negative economic growth.