Labor unions:
a. have no influence over wages
b. can influence wages by restricting labor supply.
c. are illegal in the United States.
d. have significantly increased their membership in the last two decades.
b
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The distribution of surplus gained from private parties solving an externality problem on their own, as described by the Coase theorem, is dependent on:
A. which party has more negotiating power or wealth. B. who has more power to see to enforcement. C. where the initial rights of the parties lie. D. None of these statements is true.
Official unemployment statistics
A. understate unemployment because individuals receiving unemployment compensation are counted as employed. B. understate unemployment because "discouraged workers" are not counted as unemployed. C. include cyclical and structural unemployment, but not frictional unemployment. D. overstate unemployment because workers who are involuntarily working part time are counted as being employed.
According to the monetarists, what is the main cause of macroeconomic instability?
What will be an ideal response?
The largest component of the M1 measure of money is
A) currency. B) demand deposits. C) other checking deposits. D) money-market mutual funds.