If a union insists that the employer hire only union members, this is called a
a. union shop
b. monopsony
c. monopoly
d. open shop
e. closed shop
E
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Which of the following is one source of disagreement between economists?
A. Some facts about the economy are unknown. B. Economists differ in their political persuasions. C. Economic theory may not always give an unambiguous answer to a question. D. Solving one problem may make another problem worse. E. All of these responses are correct.
Holding all else constant, an increase in Mexican real GDP will ________ the demand for dollars in the foreign exchange market and ________ the equilibrium Mexican peso/U.S. dollar exchange rate.
A. increase; decrease B. decrease; increase C. increase; increase D. decrease; decrease
A demand-pull inflation can be described as ________ shifts in the AD curve and ________ shifts in the SAS curve.
What will be an ideal response?
Barriers to entry:
A. can result from government regulation. B. usually result in pure competition. C. exist in economic theory but not in the real world. D. are typically the result of wrongdoing on the part of a firm.