In order to reduce labor supply, a union must be able to
a. do all of the following
b. force all employers in the industry to hire only union members
c. set wages
d. agree to wage concessions
e. increase union membership
B
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One of the key factors in raising people in low-income countries out of the worst kind of poverty is whether they can
a. receive unemployment compensation. b. attend college or vocational school. c. make a connection to a somewhat regular wage-paying job. d. be protected by labor laws and unions.
If a profit maximizing monopolist faces a linear demand curve and has zero marginal cost, it will produce at
A. the lowest point of marginal revenue curve. B. the lowest point of marginal profit curve. C. elasticity of demand equals 1. D. All of the choices are correct.
To make accurate economic forecasts, economists must know not only which way the economy is heading but also ______.
a. accurate statistics for the last five years b. which economic theory the president favors c. how rapidly the economy is changing d. the history of past economic policies
Refer to the graph shown. With an effective price ceiling at Pc, the effect is an implicit tax on:
A. consumers of area D and a subsidy to suppliers of that area. B. suppliers of area C and a subsidy to consumers of that area. C. suppliers of area D and a subsidy to consumers of that area. D. consumers of area C and a subsidy to suppliers of that area.