The attempt to force employers to use more labor than they otherwise would, or to force employers to use labor inefficiently, is known as
A) a secondary boycott.
B) a sympathy strike.
C) a monopsony.
D) featherbedding.
Answer: D
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Suppose that the marginal cost of an additional ton of steel produced by a Japanese firm is the same whether the steel is set aside for domestic use or exported abroad
If the price elasticity of demand for steel is greater abroad than it is in Japan, which of the following will be correct? A) The Japanese firm will sell more steel abroad than they will sell in Japan. B) The Japanese firm will sell more steel in Japan than they will sell abroad. C) The Japanese firm will sell steel at a lower price abroad than they will charge domestic users. D) The Japanese firm will sell steel at a higher price abroad than they will charge domestic users. E) Insufficient information exists to determine whether the price or quantity will be higher or lower abroad.
Under the expenditure approach to GDP accounting, government purchases of goods and services include welfare payments
a. True b. False Indicate whether the statement is true or false
According to the quantity theory of money, increasing the money supply:
A. leads to decreased spending. B. leads to inflation. C. causes each dollar to be spent less often. D. causes production to increase.
If the price of a good increases by 20% and the quantity demanded changes by 15%, then the price elasticity of demand is equal to:
A) approximately 0.33. B) approximately 1.33. C) 1. D) 0.75.