Increases in government spending are consistent with supply-side economic policies.
Answer the following statement true (T) or false (F)
False
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If a union is able to decrease the supply of workers in a competitive labor market but the union cannot affect the demand for its members' labor, then
A) wages and the quantity of labor hired will both increase. B) wages will increase but the quantity of labor hired will decrease. C) wages will decrease but the quantity of labor hired will increase. D) wages and the quantity of labor hired will both decrease.
In economics, the practical application of an invention is known as
A) innovation. B) entrepreneurship. C) physical capital. D) technology.
If the opportunity costs of producing a good increase as more of that good is produced, the economy's production possibility frontier will be
A. a negatively sloped straight line. B. negatively sloped and "bowed inward" toward the origin. C. negatively sloped and "bowed outward" from the origin. D. a positively sloped straight line.
Considering the balance sheet for all commercial banks in the U.S., the net worth of banks is:
A. about 11% of total liabilities. B. about 4 times total liabilities. C. about 5 times total assets. D. about the same as total assets.