A union-sponsored television campaign urging U.S. consumers to "Look for the union label" is designed to
A) increase the productivity of union labor.
B) increase the derived demand for union labor by shifting consumer preferences in favor of union-made goods.
C) raise wages by restricting the supply of union workers.
D) remind consumers that if they do not buy union-made goods, unions will strike.
B
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An increase in potential GDP ________ aggregate supply and ________
A) decreases; shifts the AS curve rightward B) increases; shifts the AS curve rightward C) decreases; shifts the AS curve leftward D) increases; shifts the AS curve leftward E) has no effect on; does not shift the AS curve
If MPC = 0.75, a $40 billion decrease in government purchases would have what size effect on the "first round" of induced added consumption?
a. $30 billion b. $40 billion c. $120 billion d. $160 billion
For a particular good, an 8 percent increase in price causes a 4 percent decrease in quantity demanded. Which of the following statements is most likely applicable to this good?
a. There are many close substitutes for this good. b. The good is a luxury. c. The market for the good is broadly defined. d. The relevant time horizon is long.
Rent controls and usury laws are price _____.
Fill in the blank(s) with the appropriate word(s).