The demand for a product produced by a union becomes more elastic. After this change, how does an increase in the wage rate paid its members affect their employment?
A) It does not decrease employment at all.
B) It decreases employment by less than it would have before.
C) It decreases employment by more than it would have before.
D) It increases employment.
C
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Suppose a nation has a total population of 100,000,000. Out of that, 60% are in the labor force and 55,000,000 people are employed. What is the nation's unemployment rate?
A) 5.0% B) 8.3% C) 9.1% D) 10.9%
The perpetual problem of scarcity forcing people to make choices is the basis for the definition of economics
a. True b. False Indicate whether the statement is true or false
Which of the following is a public good?
a. an economics lecture b. a television set c. higher education d. housing e. clean air
A firm's marginal cost curve above the minimum of the average variable cost curve is also:
A. the firm's demand for production curve. B. the firm's producer surplus curve. C. the firm's short-run supply curve. D. the market supply curve.