If workers in the auto industry were unionized as auto workers, regardless of their specific jobs in the plant, this union would be called a(n)
a. agency union
b. industrial union
c. skilled union
d. craft union
e. federated union
B
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If variable x always increases when variable y decreases, x and y are said to be
A) positively related. B) negatively related. C) unrelated. D) trend related.
________ increases economic efficiency because it forces firms to produce and sell goods and services as long as the additional benefit to consumers is greater than the additional cost of production
A) Competition B) A centrally planned economy C) Equity D) Voluntary exchange
Development economics is the study of the
a. alleviation of absolute poverty. b. transformation of institutions. c. allocation of resources in developing countries. d. all of the above.
Bundle L contains 10 units of good X and 20 units of good Y. Bundle M contains 8 units of good X and 21 units of good Y. The consumer is indifferent between bundle L and bundle M. Assume that the consumer's preferences satisfy the four properties of indifference curves. Which of the following correctly expresses the marginal rate of substitution of good X for good Y between these two points?
a. The consumer will give up 1 unit of good X to gain 2 units of good Y. b. The consumer will give up 2 units of good X to gain 1 unit of good Y. c. The price of good X is twice as large as the price of good Y. d. The price of good X is half as large as the price of good Y.