Which of the following is TRUE about unions?
A) Unions in some settings are associated with increased productivity.
B) Unions in some settings have been effective in promoting general social legislation.
C) Both A and B are correct.
D) Neither A nor B is correct.
Answer: C
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If enforcement is aimed at sellers of an illegal good, its equilibrium price will ________ and its equilibrium quantity will ________
A) rise; increase B) rise; decrease C) fall; increase D) fall; decrease
Eurobank activities cannot have any influence on domestic monetary practice since Eurodollars do not provide a means of payment
Indicate whether the statement is true or false
The demand deposit multiplier is equal to the
A) reciprocal of the reserve requirement ratio. B) reciprocal of the discount rate. C) inverse of the reserve requirement ratio. D) inverse of the discount rate.
The economic value which can be created by a transaction between two people, Ed (seller) and Luis (buyer), is $50 as Ed's opportunity cost of selling is $135 and Luis' valuation of the good is $185 . If each gains $25 from this transaction, which of the following conclusions can be drawn?
a. Transaction costs are zero. b. Luis has higher bargaining power than Ed. c. Ed has higher bargaining power than Luis. d. Transaction costs are positive.