Membership in unions in the United States
a. is slightly over 90 percent of all workers
b. has declined steadily since 1980
c. was hindered by laws such as the Wagner Act
d. can be a grounds for an employer to fire an employee
e. reached an all-time high in 1998
B
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Interest differentials cause exchange rate changes
Indicate whether the statement is true or false
An increase in the real wage
A) represents a pure substitution effect. B) represents a pure income effect. C) represents a combination of income and substitution effects. D) causes a parallel shift in the consumer's budget line.
Marge Sampson produces and sells 400 jars of homemade jelly each month for $3 each. Each month, she pays $200 for jars, $150 for ingredients, and uses her own time, with an opportunity cost of $500 . Her economic profits each month are:
a. $350. b. $500. c. $650. d. $700.
Historical data on prices and quantities sold do not provide the basis for drawing an accurate demand curve because
a. reporters who gather these data are often wrong. b. factors other than price may change over time. c. they do not include measures of price close to the quantity axis. d. they sometimes tend to be clustered around one point.