Consider a nation in which most workers are unionized. If all the nation's unions band together and succeed in boosting wages established by long-term labor contracts, then
A) there is a leftward shift in just LRAS.
B) there is a leftward shift in both LRAS and SRAS.
C) there is a rightward shift in just SRAS.
D) there is a rightward movement along the SRAS curve.
B
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During 2015-2017 China was the largest recipient of direct investment flows in the world.
Answer the following statement true (T) or false (F)
The multiplier can be calculated by dividing:
A. the initial change in spending by the change in real GDP. B. one by one minus the marginal propensity to save. C. one by one minus the marginal propensity to invest. D. the change in real GDP by the initial change in spending.
A 10 percent increase in the price of wireless earbuds leads to a 5 percent decrease in the quantity demanded of wireless earbuds. The absolute price elasticity of demand is
A. 2. B. 0.33. C. 3. D. 0.5.
What does it mean when an economist says that a firm is buying labor in a competitive market?
What will be an ideal response?