Union wages in the United States are, on average,
a. equal to nonunion wages
b. twice as high as nonunion wages
c. half of nonunion wages
d. 15 percent higher than nonunion wages
e. 50 percent higher than nonunion wages
D
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Taylor has the following assets and liabilities:Two cars$15,000House$400,000Mortgage$300,000Cash$1,000Car loans$5,000Checking account balance$3,000Credit card balance$3,000What is the value of Taylor's assets?
A. $416,000 B. $308,000 C. $422,000 D. $419,000
As the number of firms in a market increases, the supply curve will shift to the left and the equilibrium price will rise
Indicate whether the statement is true or false
Kelly's mother gives her a laptop for her graduation from high school, but Kelly wants a smartphone. This implies that
A. Kelly is not rational by asking for a smartphone instead of a laptop. B. Kelly's mother is not acting out of self-interest because she knows that Kelly really wants a smartphone. C. Kelly's mother is acting out of self-interest because she wants to give Kelly something more expensive. D. Kelly is not acting out of her self-interest by wanting something different from what her mother gives her.
Many biologic drug manufacturers are pushing for patent protection to be extended to 12 years before generics are allowed to be introduced to the market. This reflects which of the following barriers to entry?
A) control of a key resource B) network externalities C) entry blocked by government action D) economies of scale creating a natural monopoly