Unions in general, and teachers' union in particular, prefer that salaries be based solely on ________ of the worker.
A. education and income class
B. gender and seniority
C. education and seniority
D. gender and education
Answer: C
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If price is equal to short-run average variable cost, the firm is at the point known as:
a. the break even point. b. the profit maximizing point. c. the shutdown point. d. the revenue maximizing point.
Describe an asset price bubble and give examples. Explain why it is extremely difficult if not impossible for the Federal Reserve to prevent such bubbles
in a market economy?
A. Resources are distributed equal across the all possible users. B. resources move to higher valued uses in respond to change in price. C. Resources usage is independent of the price. D. Most resources are distributed by the government. E. All of the above.
If supply and demand both increase, the new equilibrium price will be ________ and the new equilibrium quantity will be ________.
A. higher; higher B. lower; uncertain C. lower; lower D. uncertain; higher