Which of the following is TRUE about unions?
A) Unions in some settings are associated with increased productivity.
B) Unions in some settings have been effective in promoting general social legislation.
C) Both A and B are correct.
D) Neither A nor B is correct.
C
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Capitalism and free enterprise are common, and the United States
A. has just begun to move in that direction after years of central planning. B. has gone further in that direction than almost any other country. C. is becoming more “free,” but is not as capitalistic as many others. D. is considering a major change to “free up” its economy as many others have. E. is leading the move toward greater central planning and control.
Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. recessionary; lower; potential B. expansionary; lower; potential C. expansionary; higher; potential D. recessionary; lower; lower
Briefly explain one function of financial instruments that can make them very different from money.
What will be an ideal response?
A government wants to reduce electricity consumption by 10%. The price elasticity of demand for electricity is -5. The government must ________ the price of electricity by ________.
A. raise; 0.5% B. raise; 2.0% C. raise; 1.25% D. lower; 0.5%