Which of the following is most likely to be associated with a strong union?
a. The demand for the products produced by the unionized labor is highly elastic.
b. There are few good substitutes for the products produced by the unionized labor.
c. It is easy to substitute capital for the labor of the union members.
d. Union labor composes a large proportion of the total cost of the product that they help produce.
B
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If the price of textbooks increases by one percent and the quantity demanded falls by one-half percent, then demand for textbooks is:
A. negative. B. inelastic. C. unit elastic. D. elastic.
Refer to the scenario above. Which of the following combinations will lie on Jack's production possibilities curve?
A) 10 paintings and 6 sculptures B) 5 paintings and 1 sculpture C) 10 paintings only D) 10 sculptures only
The attainable production points on a production possibilities curve are
A) the horizontal and vertical intercepts. B) the points outside the area enclosed by the production possibilities frontier. C) the points along the production possibilities frontier. D) the points along and inside the production possibility frontier.
International capital flows in an open economy have the effect of
A. reducing the power of monetary policy. B. increasing the power of monetary policy. C. increasing the power of monetary policy in an expansion and reducing it in a contraction. D. reducing the power of monetary policy in an expansion and increasing it in a contraction.