How wages are determined is best described by:
A. economic factors only.
B. economic factors, with strong influences by political and social forces.
C. government regulation only.
D. political and social forces only.
Answer: B
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Employment in the tertiary sector in the 20th century showed
(a) a marked cyclical tendency in harmony with the business cycle. (b) a leveling off in times of recession. (c) a downturn during cyclical expansions. (d) a steady increase since 1900.
Ten individuals have $100 and identical preferences for picnics, p, and kayak trips, k, where U(p, k) = k0.5p0.5. The price of picnics is $5 and the price per kayak trip is $ 10
What is the shortage/surplus in the market when the supply of picnics totals 120? A) There is a surplus of 20. B) There is a shortage of 20. C) The market is in equilibrium. Therefore, there is no surplus/shortage. D) There is not enough information to answer this question.
(I) Governments that respect property rights and freedom of exchange while following monetary (and fiscal) policies consistent with relative price stability, establish the foundation for economic growth. (II) Governments have often diminished the economic prospects of a nation by levying high taxes, instituting price controls, and following inflationary monetary policies
a. I is true; II is false. b. I is false; II is true. c. Both I and II are true. d. Both I and II are false.
If you wanted to unionize workers, you could increase your chances by attempting to unionize workers
A. in the South. B. in right-to-work states. C. at foreign-owned automobile firms. D. at government agencies.