If a union limits its size to the number of employed members it had when the union was first formed, over time there will be
A) an increase in the supply of union labor.
B) falling wages as demand for workers increases.
C) rising wages as demand for workers increases and the supply increases proportionally.
D) rising wages as demand for workers increases but some potential workers are denied a place in the union.
D
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If a profit-maximizing restaurant is going to increase its revenues by charging senior citizens (persons age 65 and over) lower prices than other customers,
a. the demand of senior citizens for the services of the restaurant must be inelastic. b. senior citizens must have lower incomes than other potential customers. c. the demand of senior citizens for the services of the restaurant must be elastic. d. senior citizens must have higher incomes than other potential customers. e. other customers must enjoy food more than senior citizens.
If the required reserve ratio is 0.20, what is the maximum amount of money that can be created from a $5 million deposit in the banking system?
A. $25 million B. $50 million C. $5 million D. $20 million
The following graph shows the marginal and average product curves for labor, the firm's only variable input. The monthly wage for labor is $2,800. Fixed cost is $160,000.
When the firm uses 120 units of labor, what is average total cost at this output?
A. $40 B. $84 C. $120 D. $59 E. $190
Which statement is FALSE?
A. Rent control is a price ceiling. B. Usury laws can lead to a surplus of loanable funds. C. The government, to encourage family farms to stay in business, created price supports for corn and wheat. D. Price ceilings prevent prices from rising.