All of the following are true regarding the current status of labor unions EXCEPT
A) organized labor's heyday occurred from the 1940s through the 1970s.
B) part of the explanation for the decline in union membership has to do with the shift away from manufacturing.
C) the deregulation of certain industries has also contributed to a decline in unionism.
D) recent labor laws have diminished worker's rights.
Answer: D
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If the firm in the figure above is unregulated, it will make an economic profit of
A) zero. B) -$240. C) $100. D) $400.
Demand and supply can also be used to explain how economic events will cause ___________ in prices, wages, and rates of return.
a. changes b. freezes c. barriers d. locking
Assume that business investment spending rises, and the increase is funded by greater borrowing in the capital markets. If the nation has low mobility international capital markets and a fixed exchange rate system, what happens to the quantity of real loanable funds per time period and monetary base in the context of the Three-Sector-Model?
a. The quantity of real loanable funds rises and monetary base rises. b. The quantity of real loanable funds rises and monetary base falls. c. The quantity of real loanable funds and monetary base fall. d. The quantity of real loanable funds and monetary base remain the same. e. There is not enough information to determine what happens to these two macroeconomic variables.
For each of the following functions, describe returns to scale.
1. Q = K + L 2. Q = K1/2L3/4 3. Q = K2L