Labor unions are restrained in their wage demands because:
A. legislation limits annual increases in nominal wages to 6 percent.
B. the labor demand curve is downsloping.
C. marginal wage cost curves lie above labor supply curves in most labor markets.
D. most unions deal with monopsonists who have superior bargaining power.
Answer: B
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If the equilibrium quantity of a good is also the socially optimal quantity, then:
A. the marginal cost to producers of another unit of the good is zero. B. it's possible to make at least one person better off without hurting anyone else. C. the marginal benefit to consumers of another unit of the good is zero. D. total economic surplus has been maximized.
The differences in the ratios of exports to GDP across countries are believed to be caused primarily by
A) trade barriers. B) each country's size. C) geography. D) all of the above E) both B and C
The supply curve for umbrellas
A) shows the supply of umbrellas consumers are willing and able to buy at any given price. B) is downward sloping. C) shows the relationship between the quantity of umbrellas firms are willing and able to supply and the quantity of umbrellas consumers are willing and able to purchase. D) shows the relationship between the price of umbrellas and the quantity of umbrellas supplied.
Investment treaties usually do not cover
a. repatriation of funds b. nationalization c. arbitration of disputes d. reciprocal tax treatment e. treaties generally cover all of the above