If a single union supplies all the labor in a competitive labor market, the union probably will:
A. increase union membership to increase wages.
B. increase labor supply to raise employment.
C. behave as a monopsonist.
D. restrict labor supply to raise wages.
Answer: D
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What are ration coupons and what is their purpose? Provide a historical or current example
What will be an ideal response?
From 1975 to 2000, the employment rate in the United States had been
A. Remaining unchanged. B. Decreasing each year. C. Increasing each year. D. Both increasing and decreasing with an overall upward trend.
It is correct to state that a society which is on its production possibilities curve is
A. technologically inefficient. B. fully utilizing its productive resources. C. consuming too much output. D. underutilizing is resources.
Farmer Jane grows wheat on land that is bought and paid for. She figures her profit per acre is $60 because she puts $30 of purchased inputs onto each acre, $10 worth of her time into working on each acre, and the harvested wheat sells for $100. Farmer Jane
a. has correctly calculated her economic profit. b. has forgotten to include the opportunity cost of the land in her calculation of profit. c. should not have included the value of her time in calculating profits. d. should not have included any costs in calculating her economic profit.