Restricting the supply of labor in order to increase the wage
a. is a tactic used by both craft and industrial unions
b. is a tactic more likely to be used by the American Medical Association (AMA) than the United Auto Workers (UAW)
c. is a tactic more likely to be used by the UAW than the AMA
d. is a tactic used solely by professional groups such as lawyers
e. has less effect on the wage than direct negotiation does
B
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A society must make three sorts of decision: what goods to produce, how to produce them, and how to distribute them.
Answer the following statement true (T) or false (F)
One problem with using monetary policy to address "bubbles" in asset markets is that:
A. monetary policy is well-suited for addressing the problem of inappropriately high asset prices. B. reducing the real interest rate to deal with the bubble could lead to inflation. C. the Federal Reserve is not interested in stabilizing output. D. doing so presupposes that the Federal Reserve is better than financial-market professionals at identifying bubbles.
Which of the following describes a situation in which the person is hurt by inflation?
A) a person who lends money during a period when inflation is over-predicted B) a person who borrows money during a period when inflation is under-predicted C) a person paid a fixed income during an inflationary period D) a retiree whose pension is adjusted for inflation
When a U.S. investor buys a bond issued in a foreign country
A) the balance on the financial account decreases. B) the balance on the capital account decreases. C) the balance of trade decreases. D) the balance on the current account decreases.