Laws that make it illegal to require union membership as a condition of continuing employment in a firm are
A) union shop laws.
B) right-to-work laws.
C) closed-shop laws.
D) jurisdictional laws.
B
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If actual inflation is greater than expected inflation,
A) the unemployment rate rises. B) the Phillips curve is a vertical line. C) real wages fall. D) real wages rise.
If the Fed lowers its target for the federal funds rate, this indicates that
A) the Fed is pursuing an expansionary monetary policy. B) the Fed is attempting to combat inflation. C) the Fed is pursuing a contractionary monetary policy. D) the Fed is concerned that the growth in aggregate demand will exceed potential GDP.
Private donations of aid are:
A. a dwindling portion of aid given to foreign countries. B. larger than the entire budget for official foreign aid provided by the U.S. C. a significant portion of aid, nearly half as much as the budget for official foreign aid provided by the U.S. D. not generally counted in aid statistics that are reported by various aid agencies.
In the indifference curve-budget line model of labor supply, the vertical intercept of the budget line represents
a. the worker's nonlabor income. b. the wage rate paid to the worker. c. the number of leisure hours enjoyed by the worker. d. the number of hours of labor that the worker supplies.