Which of the following is NOT a method by which unions try to increase the demand for the labor of their members?
A) increasing the marginal product of union members
B) increasing the supply of the goods produced by union labor
C) supporting minimum wage laws
D) supporting immigration restrictions
B
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When prices are rising, which of the following will be true?
A) The real interest rate will be lower than the nominal interest rate. B) The real interest rate will be higher than the nominal interest rate. C) The real interest rate will be negative. D) The nominal interest rate will be negative.
Briefly explain how reductions in government purchases and tax decreases would influence aggregate demand through the multiplier effect. Give an example.
What will be an ideal response?
Consider the monopsony in the above figure. The monopsony will pay a hourly wage rate equal to
A) $10. B) $15. C) $20. D) None of the above answers is correct.
The actual real wage is lower than the expected real wage if
A) actual unemployment is less than actual inflation. B) expected inflation is less than actual inflation. C) actual inflation is less than expected inflation. D) actual unemployment is less than expected unemployment.