What might be the effect of a union on a given occupation?
a. limit supply of labor
b. stabilize demand for labor
c. drive down wages
d. drive down quality
a. limit supply of labor
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The common habit of viewing middlemen as unproductive bandits on the highway of free trade assumes
A) transaction costs are zero. B) information is a free good. C) voluntary exchange is not mutually beneficial. D) all of the above. E) none of the above.
Refer to Figure 13-19 to answer the following questions
a. What is the productively efficient output? b. What is the allocatively efficient output? c. What is the amount of excess capacity? d. Suppose the firm is currently producing 14 units. What happens if it increases output to 17 units?
In Japan, recycling is prevalent and landfill use is small relative to the United States because
a. the Japanese are more conscientious b. there is no externality problem there c. land is relatively more scarce in Japan d. the Japanese have better recycling technology e. littering is illegal there
The Federal Reserve Board of Governors has:
A. Seven members appointed by the president of the United States. B. Fourteen members appointed for seven-year terms by the president of the United States. C. Seven members elected by U.S. citizens. D. Fourteen members selected by the U.S. Senate.