A union may attempt to obtain stricter certification requirements or longer apprenticeships. These changes would raise workers' wages because they:
A. create unnecessary unemployment.
B. shift in labor supply curve leftward.
C. decrease the marginal product of labor.
D. reduce management's use of featherbedding.
Answer: B
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The Condorcet paradox shows that even if each individual in a group has transitive preferences, the group's collective preferences may not be transitive
Indicate whether the statement is true or false
If the absolute value of the price elasticity of demand for tickets to a football game is 2, then if the price increases by 1 percent, quantity demanded decreases by:
A. 4 percent. B. 0.5 percent. C. 1 percent. D. 2 percent.
Total satisfaction is maximized when
A) marginal utility is positive. B) marginal utility is negative. C) marginal utility is zero. D) marginal utility is equal to average utility.
If households in the economy decide to take money out of checking account deposits and hold it as currency, this will initially
A) not change M1 and increase M2. B) decrease M1 and decrease M2. C) decrease M1 and not change M2. D) not change M1 and not change M2.