If an industrial union is able to negotiate a wage above the market-clearing wage, employment in the industry will
a. increase
b. decrease
c. increase, if the union can restrict the supply of labor
d. increase, if the union can increase the supply of labor
e. decrease due to the strike-breaking activity of the firm
B
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The terms of trade for the American farmer during the last part of the 19th century
a. were made worse by political unrest. b. were caused by a decrease in the supply of agricultural products. c. could be enhanced by mechanization. d. worsened in part due to increased mechanization. e. Both c and d are correct.
Suppose the annual growth rate of GDP in Belize is 3.5 percent. In 20 years, GDP in Belize will double:
A. 1 time. B. 1.5 times. C. 3.5 times. D. 7 times.
The two fundamental sections of the Balance of Payments accounting system are
A. aggregate consumption and government spending. B. physical investment and ephemeral investment. C. the current account and the capital account. D. the physical and monetary direct transfers among individuals.
The natural unemployment rate occurs
A) at the full employment level of unemployment. B) when the structural unemployment rate equals zero. C) when the frictional unemployment rate equals zero. D) when the sum of frictional and structural unemployment equals zero. E) when the unemployment rate equals zero.