Which of the following is NOT a wage or employment strategy that a union would follow?
A) Set a maximum wage rate such that a shortage of workers will result.
B) Set a wage rate such that all workers that want to find a job can find a job.
C) Set a wage rate that will maximize the income of its members.
D) Set a wage rate that will maximize the income of only some of its members.
Answer: A
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The pricing rule for a monopolist is:
A) P = MR > MC. B) P > MR > MC. C) P = MR = MC. D) P > MR = MC.
Open market purchases of bonds by the Federal Reserve eventually
a. reduce the pressures on bond markets b. increase real GDP c. lead to open market sales of bonds d. increase the interest rate e. encourage tax increases
A. there are always trade-offs between economic goals. B. all production involves the use of scarce resources and thus the sacrifice of alternative goods. C. marginal analysis is used in economic reasoning. D. choices need not be made if behavior
is rational. A. there are always trade-offs between economic goals. B. all production involves the use of scarce resources and thus the sacrifice of alternative goods. C. marginal analysis is used in economic reasoning. D. choices need not be made if behavior is rational.
Larry was accepted at three different graduate schools, and must choose one. Elite U costs $50,000 per year and did not offer Larry any financial aid. Larry values attending Elite U at $60,000 per year. State College costs $30,000 per year, and offered Larry an annual $10,000 scholarship. Larry values attending State College at $40,000 per year. NoName U costs $20,000 per year, and offered Larry a full $20,000 annual scholarship. Larry values attending NoName at $15,000 per year. Larry's opportunity cost of attending State NoName U is:
A. $60,000 B. $15,000 C. $30,000 D. $20,000