Both the unionization and concentration rates are measures of market power.
Answer the following statement true (T) or false (F)
True
The concentration ratio measures the percentage of market share held by the top four firms, and the unionization rate measures the percentage of the labor force belonging to a union. Both give an indication of market power.
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Monetarists have received this label because they emphasize the role of the
A. money supply in determining aggregate supply. B. money supply in determining nominal GDP. C. Fed in making monetary policy. D. money supply in determining interest rates and investment.
The points outside the production possibilities frontier are
A) attainable. B) efficient. C) inefficient. D) unattainable.
The marginal physical product of labor is
a. the slope of the total output curve at the relevant point. b. the negative of the slope of the total output curve at the relevant point. c. the slope of the line connecting the origin with the relevant point on the total output curve. d. the negative of the slope of the line connecting the origin with the relevant point on the total output curve.
Features of the labor market that are likely to cause structural unemployment include all of the following except:
A. labor unions. B. differences in the skills and experience of workers. C. minimum wage laws. D. unemployment compensation.