The consensus among researchers is that union workers earn 15 percent more than otherwise identical nonunion workers. This means unions have probably raised wages
a. exactly 15 percent.
b. less than 15 percent.
c. at least 15 percent.
d. more or less than 15 percent, but one cannot tell exactly.
c
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Sue offers to pay Al $50 for each painting of his that she sells in her gallery. Each painting sells for $75. The cost to Al of producing each painting is $55. Which of the following statements is TRUE about this contract?
A) This contract is efficient. B) This contract maximizes joint profit. C) Al will not participate in this contract. D) This is a fixed-fee contract.
The economist in the 1930s who is credited with key insights into causes of economic downturns was:
A. Adam Smith B. David Ricardo C. Ben Bernanke D. John Maynard Keynes
What are the reasons for unequal distribution of income? List at least six reasons
An externality
a. results in an equilibrium that does not maximize the total benefits to society. b. causes demand to exceed supply. c. strengthens the role of the "invisible hand" in the marketplace. d. affects buyers but not sellers.