Which of these is an advantage of long-term contracts in resource markets?
What will be an ideal response?
Long-term contracts reduce the average cost of negotiation.
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Which of the following statements is true?
A) A decrease in supply causes equilibrium price to rise; the increase in price then results in a decrease in quantity demanded. B) An increase in demand causes an increase in equilibrium price; the increase in price causes supply to increase. C) If demand increases and supply decreases one cannot determine if equilibrium price will increase or decrease without knowing which change is greater. D) If both demand and supply decrease, there must be a decrease in equilibrium price; equilibrium quantity may either increase or decrease.
Up until the early 1880s, there was no federal control over private activities
Indicate whether the statement is true or false
Since 1980, union membership in the United States has
a. grown rapidly b. grown slowly c. declined rapidly d. declined slowly e. stayed the same
Consider an economy made up of 100 people, 50 of whom hold jobs, 10 of whom are looking for work, and 15 of whom are retired. The unemployment rate is approximately
a. 10 percent b. 12 percent c. 17 percent d. 20 percent e. 25 percent