The introduction of a union into an industry
a. raises wages and employment in that industry.
b. lowers wages and employment in that industry.
c. lowers wages and raises employment in that industry.
d. raises wages and lowers employment in that industry.
d
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The Peltzman study suggests that minimum standards of quality
a. overall create a net benefit for consumers by protecting them from dangerous products. b. overall hurt consumers by limiting entry and raising prices. c. are beneficial to consumers only when they are strictly enforced. d. rarely have any significant effect on the market.
A large part of the principal-agent problem stems from the desire of
A) agents to work hard. B) agents to avoid working. C) principals to work hard. D) principals to avoid working.
The circular flow model is all of the following except
a. an abstraction from reality b. a model of two markets c. a model of two agents d. a simple economic model e. designed to aid policy makers
If demand is elastic and the price of a product decreases by 100 percent, then
A) the change in quantity demanded is less than 100 percent. B) the change in quantity demanded is equal to 100 percent. C) the change in quantity demanded is greater than 100 percent. D) the decrease in quantity demanded is greater than 0 percent.