Unions whose membership includes all workers in a particular product market, whether skilled or unskilled, are known as
a. craft unions
b. exclusive unions
c. national unions
d. regional unions
e. industrial unions
E
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Suppose the conditions of the first welfare theorem hold. If the government redistributes income prior to production and trade occurring, the market outcome (resulting from production and trade) will be the same as it would have been had the government not redistributed income (so long as redistribution does not produce deadweight losses).
Answer the following statement true (T) or false (F)
Everything else held constant, which of the following does NOT cause aggregate demand to increase?
A) an increase in net exports B) an increase in government spending C) an increase in taxes D) an increase in consumer optimism
The balance sheet channel describes ways in which interest rate changes resulting from monetary policy affect
A) the portfolio decisions of households. B) the portfolio decisions of businesses. C) borrowers' net worth. D) lenders' net worth.
Suppose you eat at a restaurant that serves clams at a fixed price and crab legs at a price that varies based on market conditions. Each week, the marginal utility you attach to an order of crab legs is 100, and the marginal utility of an order of clams is 50 . One week you have crab legs, but the next week you have clams. This means that
a. you are irrational b. your tastes must have changed c. the price of clams dropped below the price of crab legs d. the price of crab legs increased e. the price of crab legs must have increased to more than twice that of clams