If a union succeeds in increasing the wage rate by restricting labor supply, then
A) all of its members will be better off.
B) some members may lose their jobs.
C) all of its members will be worse off.
D) more of its members will be employed.
Answer: B
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Refer to the figure above. Assuming that the market consists of only these two consumers, what is the market demand for pens when the price is $4?
A) 15 units B) 25 units C) 40 units D) 65 units
The U. S. committed itself to creating a free trade zone between the U.S., Canada and Mexico. Why might this be important? Relative to imports and exports to other nations, what is the size of these two North American trading partners trade relationship with the U.S.?
If the banking system has demand deposits of $200,000, total reserves equal to $60,000, and a required reserve ratio of 25 percent, the banking system can increase the volume of loans by a maximum of
A. $10,000. B. $60,000. C. $40,000. D. $200,000.
Balin purchases fair trade cocoa out of concern for workers' rights and environmental sustainability. He could purchase cocoa of equal quality at a lower price. Behavioral economists would consider Balin's purchase:
A. unusual in that it demonstrates concern for others. B. purely self-interested but motivated by something other than his financial well-being. C. as evidence that Balin is not acting purely in his self-interest. D. a bad decision because it ignores important information that could improve Balin's well-