Which statement is true?
A. Right-to-work laws promote the formation of union shops.
B. A monopsony is the only buyer of a product for which there are no close substitutes.
C. Under a union shop, an employer may hire only union workers.
D. Monopsonies are illegal under the Taft-Hartley Act.
B. A monopsony is the only buyer of a product for which there are no close substitutes.
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Refer to Figure 12.4. Since the housing bubble burst and the economy returned to its initial, pre-bubble level before the corrective policy changed output, the economy actually moved from ________ after the bubble burst
A) point A to point B B) point B to point D C) point A to point C D) point C to point B
Your textbook so far considered variables for cointegration that are integrated of the same order
For example, the log of consumption and personal disposable income might both be I(1) variables, and the error correction term would be I(0), if consumption and personal disposable income were cointegrated. (a) Do you think that it makes sense to test for cointegration between two variables if they are integrated of different orders? Explain. (b) Would your answer change if you have three variables, two of which are I(1) while the third is I(0)? Can you think of an example in this case? What will be an ideal response?
The value that consumers get (from consuming a product) over and above what they actually paid for the product is called
A. consumption expenditures. B. consumer surplus. C. consumer demand. D. consumer utility.
Over the long run, why do low-cost providers generally prevail?
What will be an ideal response?