The demand for unionized labor will generally be more elastic, and it will be more difficult for the union to achieve above-equilibrium wages when
a. there are no close substitutes for the unionized workers.
b. the domestic producers of the good produced by the unionized workers face weak competition from foreign suppliers of the good.
c. the cost of employing the unionized workers is a large part of the total cost of the product that they produce.
d. the demand for the product produced by the unionized workers is highly inelastic.
C
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The quality change bias is most likely to put ________ into the CPI and so ________ the inflation rate
A) a downward bias; understate B) an upward bias; understate C) an upward bias; overstate D) a downward bias; overstate E) a random bias; randomly overstate or understate
Entrepreneurs who earn arbitrage profit are able to do so by extracting the total consumer surplus from buyers
Indicate whether the statement is true or false
Which of the following contributed to the strong auto sales and soaring housing prices during 2002-2004?
a. the Fed's high-interest rate policy during the period b. the tightening of loan standards by commercial lenders c. the increasing popularity of fixed-rate, long-term loans to lock in low interest rates d. the Fed's low-interest rate policy during the period
Who from among the following would be classified as out of the labor force?
A. Mario Faubert, a NHL hockey player at home sick with the flu. B. Jack Little, a 21 year old new college graduate actively looking for his first job. C. Amanda Pie, a full-time homemaker. D. Brenda Smith, an 18 year old college student employed part-time at a fast food restaurant.