Explain the possible benefits of labor unions.
What will be an ideal response?
Unions may increase worker productivity by facilitating communication between workers and managers. Unions may also benefit unionized firms by reducing turnover among workers.
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Which one of the following statements is TRUE?
A) Over the years, real consumption spending has been more volatile than real investment spending. B) In the Keynesian model, changes in the volume of real investment spending are fully explained by changes in the real interest rate. C) Domestic real investment in the United States was highest during the Great Depression. D) Over the years, real investment spending has been more volatile than real consumption spending.
Goods with small substitution effects tend to be normal goods.
Answer the following statement true (T) or false (F)
Refer to the table above. France has absolute advantage in
A) grapes. B) textiles. C) both grapes and textiles. D) neither grapes nor textiles.
Evaluate the following statement in the context of business-stealing and product-variety externalities: "We have too many student apartments in this town already. Statistics show that vacancy rates average 15 percent during any given semester."