Which of the following best explains why productive workers can command high wages?
a. the bargaining power of labor unions.
b. the presence of minimum wage legislation.
c. wage and price controls that reflect the political power of labor organizations.
d. competition among employers for productive workers.
D
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If the Federal Reserve increases the legal reserve requirement on deposits,
a. the money stock will rise and the money multiplier will fall. b. the monetary base will rise and the money multiplier will fall. c. both the monetary base and the money stock will fall. d. neither the monetary base nor the money stock will rise.
The U.S. terminated its role in the slave trade in the early 1800s. What is the best assessment of what would have happened had the U.S. not ended the slave trade?
a. The price of slaves would be lower and the wages of free workers would be lower. b. The price of slaves would be higher and the quantity of free workers would be lower. c. The price of slaves would be lower and the wages of free workers would be higher. d. The quantity of slaves would be higher and the quantity of free workers would be higher. e. The quantity of slaves would be lower and the wages of free workers would be lower.
Between 1994 and 2000 the poverty rate ____ and the number of people on welfare _____.
Fill in the blank(s) with the appropriate word(s).
Keynes was especially concerned with explaining the
A) recession of 1920-21. B) low levels of output and employment during the Great Depression. C) strong economic growth of the 1920s. D) high unemployment in Great Britain during the 1920s.