Typical goals of a labor union in the United States include
A. More vacation time, higher profit, and more flexible workplace rules.
B. Less work, more workers, and more overtime.
C. Higher profit, lower output, and greater productivity.
D. Higher wages, better working conditions, and more job security.
Answer: D
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The substitution bias refers to:
A. the failure of the Lespeyres index to capture a consumer's tendency to purchase the same bundle of goods as prices change. B. the substitution effect is positive for a price increase. C. the substitution effect is negative for an inferior good. D. the failure of the Lespeyres index to capture a consumer's tendency to substitute away from goods that have become more expensive.
According to the definitions of private and public saving, if Y, C, and G remained the same, an increase in taxes would
a. raise both private and public saving. b. raise private saving and lower public saving. c. lower private saving and raise public saving. d. lower private and public saving.
How does the break-even inflation rate differ from the expected inflation rate as measured in surveys?
A. The break-even inflation rate varies less than the expected inflation rate from surveys. B. The break-even inflation rate is always several percentage points higher than the expected inflation rate from surveys. C. The break-even inflation rate varies more than the expected inflation rate from surveys. D. They are very close to each other.
A perfectly competitive employer of an input will maximize profits from the employment of the input by equating:
a. the value of the marginal product of the input with the price of the output. b. the marginal product of the last unit of the input employed with the input price. c. the input price with the price of the product produced. d. the marginal revenue product of the input with the input price. e. the marginal product of the last unit of the input employed with the price of the product produced.