Suppose a union successfully negotiates a wage rate for its members that is above the competitive wage rate, then
A) employment in the union sector will increase.
B) the union must find a way to make union workers more productive.
C) the union must also negotiate a fringe-benefit package that the membership will like.
D) the union must find a way to ration jobs among the excessive number of workers who wish to work at the negotiated wage.
D
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The multiplier equals
A) consumption/real disposable income. B) change in consumption/change in real disposable income. C) 1/MPC. D) 1/(1 - MPC).
An efficient customer sorting rule is one in which
a. customers with high willingness to pay secure the discounted goods b. customers are rationed randomly between the discounted and full price goods c. no customer purchase below her willingness to pay d. customers with the lowest willingness to pay secure the discount goods e. brand loyalty allows the incumbent to retain its regular customers
Your comparative advantage in a specific area is determined by
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A business manager has to decide whether to buy supplies from the marketplace or whether to build them inside the company. What do "information" and "contracting" have to do with this decision?
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