Since the 1960s, the share of the labor force that is unionized in the United States has
A) increased except for the government sector.
B) increased.
C) declined.
D) declined except in the private sector.
Answer: C
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In defining money according to the transactions approach, you would want to include
A) those assets that are used as a unit of account. B) those assets that are used as a store of value. C) those assets that are used as a medium of exchange. D) those assets that are used as a standard of deferred payment.
A bank's required reserves are either held as vault cash or:
a. used to purchase Treasury bonds. b. deposited with the Fed. c. invested in the stock market. d. loaned out to other commercial banks.
The main reason barter is extremely inefficient is that:
A. it can have very high transactions costs associated with it. B. you have to find someone who both has what you want and wants what you have. C. people and firms have to spend a lot of time looking for mutually agreeable trades. D. All of these are true.
Suppose that real domestic output in an economy is 2400 units, the quantity of inputs is 60, and the price of each input is $30. The per-unit cost of production is:
A. $2.00. B. $0.75. C. $0.50. D. $0.25.