Right-to-work laws give workers in a unionized firm the right to choose whether to join the union
a. True
b. False
Indicate whether the statement is true or false
True
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_______ is the percentage change in the quantity of good A that is demanded as a result of a percentage change in the price of good B.
a. Elasticity of savings b. Cross-price elasticity of demand c. Income elasticity of demand d. Wage elasticity of labor supply
A firm that is a natural monopoly
a. is not likely to be concerned about new entrants eroding its monopoly power. b. is taking advantage of diseconomies of scale. c. would experience a lower average total cost if more firms entered the market. d. All of the above are correct.
In Figure 1 above if the economy were at Y1 then we would expect there to be:
A. no change in inventories. B. an increase in inventories. C. a reduction in inventories. D. an increase in consumption spending.
Suppose the money multiplier in the United States is 3. Suppose further that if the Fed decreased the discount rate by 1 percentage point, banks change their reserves by 300. To increase the money supply by 2,700 the Fed should:
A. reduce the discount rate by 3 percentage points. B. raise the discount rate by 3 percentage points. C. raise the discount rate by 10 percentage points. D. reduce the discount rate by 10 percentage points.