Which statement is true?
A. There are currently about 35 million labor union members in the U.S. labor force.
B. About one out of every four sets of collective bargaining sessions ends in a strike.
C. Union membership as a percentage of the labor force has been declining since the 1950s.
D. None of the statements are true.
D. None of the statements are true.
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According to the economic way of thinking, alcohol prohibition in the U.S
A) effectively destroyed peoples' incentives to produce and drink liquor. B) abolished the supply and demand process in liquor. C) led to a surge in prices and considerable profit opportunities for people willing to break the law. D) failed to make liquor truly illegal.
The market demand curve is
a. any individual's demand curve multiplied by the number of consumers in the market b. the relationship between income and quantity demanded c. the horizontal sum of the individual demand curves for all consumers in the market d. the vertical summation of all individual demand curves e. the sum of prices paid at each quantity demanded
On the graph below sketch the income and substitution effects of a price increase for good X. 
What will be an ideal response?
When there is a shortageI.there is a tendency for price to increase.II.there is an excess quantity demanded.
A. I only B. II only C. both I and II D. neither I nor II