If a union is successful in increasing wages, it may find that:
A. the demand for workers falls.
B. the demand for workers increases.
C. the price of union-made goods falls.
D. the demand for union-made goods rises.
Answer: A
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The United States and Brazil are competitors in the world soybean market. In the late 1960s and early 1970s, the Brazilian government developed regulations designed to encourage Brazilian soybean production and exports
An unanticipated effect of the Brazilian regulations was to stimulate U.S. soybean production and exports. The type of economic analysis that would explain and predict these effects is called A) closed economy macroeconomics. B) international economics. C) partial equilibrium analysis. D) full market analysis. E) general equilibrium analysis.
As a general rule, when an income tax is added to the basic macroeconomic model, what happens to the consumption schedule?
A. It will shift downward. B. It will shift upward. C. It will become flatter. D. It will become steeper.
An effective craft union acts as a monopoly
A. demander of labor. B. seller of labor. C. demander of capital. D. seller of capital.
Figure 15.3 depicts a one-mile stretch of beach with 100 swimmers distributed evenly along the beach. There are two ice cream vendors - 1 and 2 - on the beach selling an identical product. If swimmers prefer to buy ice cream from the nearer vendor, what is the median location?
A. A B. B C. C D. D