Which of the following factors will reduce considerably the ability of a union to raise the wages of its workers?
a. an elastic demand for the goods produced by union labor
b. weak foreign competition for the product union labor helps to produce
c. high tariffs on goods produced by the union labor
d. favoritism in the allocation of government contracts to firms that employ union labor
A
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Answer the following statements true (T) or false (F)
1. expenditures included in GDP are usually less than the income component of GDP. 2. Imports constitute a minus figure in national income accounting. 3. Final sales are always larger than the GDP. 4. Personal consumption expenditures account for approximately seven-tenths of the GDP in the United States. 5. In terms of purchasing power parity, Japan has highest per capita GDP in the world.
Which of the following characterizes an oligopolistic industry?
a. mutual interdependence b. low barriers to entry c. small output of individual firms relative to the total market d. a large number of competing firms
A decrease in the demand for American-made goods will
A) increase the supply of dollars in the foreign exchange market. B) decrease the supply of dollars in the foreign exchange market. C) increase the demand for dollars in the foreign exchange market. D) decrease the demand for dollars in the foreign exchange market.
According to this Application, one explanation for the decline in the U.S. labor force participation rate since 1999 is
A) the increase in immigration to the United States. B) the increase in outsourcing by U.S. companies. C) the decline in the overall population. D) the increasing number of retiring baby boomers.