All of the following can raise wages of union members EXCEPT
A) increasing the demand for non-union made goods.
B) increasing the demand for union-made goods.
C) limiting union membership over time.
D) increasing the productivity of union workers.
Answer: A
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If Lisa spends her income on veggie burgers and pints of soy milk and the price of veggie burgers is three times the price of a pint of soy milk, then when Lisa maximizes her utility she will buy
A) three times as many pints of soy milk as veggie burgers. B) both goods until the marginal utility of veggie burgers is three times the marginal utility of soy milk. C) three times as many veggie burgers as pints of soy milk. D) both goods until the marginal utility of a pint of soy milk is three times the marginal utility of veggie burgers.
Define the following terms and explain their importance to the study of economics
a. maximin criterion b. Nash equilibrium c. Dominant Strategy d. Zero-sum game e. Credible threat
Patents, copyrights, and trademarks
a. are examples of government-created monopolies. b. are examples of barriers to entry. c. allow their owners to charge higher prices. d. All of the above are correct.
If a firm's production process exhibits increasing returns to scale, then doubling all the firm's inputs will lead output to ________.
A. less than double. B. fall by one-half. C. more than double. D. double.