Which of the following describes the goal of labor unions?
a. Changing the balance of negotiations between employers and employees
b. Lobbying federal, state, and local governments for employee benefits
c. Requiring employers to address the needs of individual employees
d. Redistributing wages and benefits among union members
a. Changing the balance of negotiations between employers and employees
The goal of labor unions is to change the balance of negotiations between employers and employees.
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Suppose that a country imports $5.7 billion of goods and services and exports $4.2 billion of goods and services. What is the value of net exports?
A. -$1.5 billion B. $9.9 billion C. -$9.9 billion D. $1.5 billion
Competition results in the efficient product mix because
A) producers are setting MRT equal to minus the price ratio while consumers are setting MRS equal to minus the price ratio ensuring that MRT will equal MRS. B) consumers are on the contract curve. C) the slope of the production possibility frontier will equal the slope of the contract curve. D) the distribution of the final output is Pareto efficient.
Using the expenditure approach, "gross private domestic investment" is the sum of:
a. newly produced capital goods. b. fixed investment. c. changes in business inventories. d. all of these.
Suppose a competitive market is comprised of firms that face identical cost curves. The firms experience an increase in demand that results in positive profits for the firms. Which of the following events are then most likely to occur? (i) New firms will enter the market. (ii) In the short run, price will rise; in the long run, price will rise further. (iii) In the long run, all firms will be
producing at their efficient scale. a. (i) and (ii) only b. (i) and (iii) only c. (ii) and (iii) only d. (i), (ii) and (iii)