The text discusses how graduate teaching assistants can now unionize. Unionization often occurs when employers
A. Offer too many fringe benefits to their employees.
B. Have no market power.
C. Pay wages above the market wage rate.
D. Have monopsony power.
Answer: D
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An increase in taxes on labor income shifts the labor supply curve ________, and the ________
A) leftward; after-tax wage rate falls B) rightward; before-tax wage rate rises C) leftward; before-tax wage rate does not change D) leftward; after-tax wage rate rises E) leftward; after-tax wage rate does not change
When a binding price ceiling is imposed on a market, a. price no longer serves as a rationing device
b. the quantity supplied at the price ceiling exceeds the quantity that would have been supplied without the price ceiling. c. all potential buyers benefit. d. All of the above are correct.
If you believe that velocity is constant and that the aggregate supply curve is vertical, then the quantity theory of money would predict that a doubling of the money supply would cause a doubling of
a. nominal output and real output. b. nominal output and no change in real output. c. real output and no change in nominal output. d. the price level and real output.
Liquidity refers to
a. the relation between the price and interest rate of an asset. b. the risk of an asset relative to its selling price. c. the ease with which an asset is converted into a medium of exchange. d. the sensitivity of investment spending to changes in the interest rate.