The United Auto Worker (UAW) would best be classified as
A) a craft union.
B) an industrial union.
C) a guild.
D) closed shop union.
E) none of the above.
Answer: B
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A sudden rise in input prices which drives up the marginal cost of producing automobiles will shift the supply curve of automobiles upward
Indicate whether the statement is true or false
The changes contained in the 1986 and 1993 tax reforms
A. Reduced the variation in the nominal tax rates. B. Resulted in a top marginal tax bracket of 85 percent. C. Increased the variation in the effective tax rates. D. Broadened the tax base and also raised tax rates.
It usually takes less time to buy a six-pack of 7-Up, a loaf of bread, and a half-gallon of ice cream at a small convenience store (such as a 7-Eleven) than at a large, full-service grocery store. Which of the following persons is most likely to buy these items at a convenience store?
A) a person with a high opportunity cost of time B) a person with a low opportunity cost of time C) a person who is out of work D) a person who works at a full-service grocery store
Arthur sells $100 worth of cotton to Bob. Bob turns the cotton into cloth, which he sells to Camille for $300. Camille uses the cloth to make prom dresses that she sells to Donita for $700. Donita sells the dresses for $1200 to kids attending the prom. The total contribution to GDP of this series of transactions is:
a) $1200 b) $500 c) $2300 d) $1100