The cost disease of personal services is caused by
A. falling labor productivity across industries.
B. uneven productivity growth across industries.
C. the excludability of personal services.
D. the nonexcludability of personal services.
Answer: B
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Economic analysis is useful is resolving all of the following types of issues EXCEPT:
A. positive B. monetary policy C. normative D. fiscal policy
The benefits from free trade are not evenly distributed throughout an economy.
a. true b. false
All markets involve the following elements, except:
A. Demand or buyers B. Face-to-face negotiation C. Prices of goods and services D. Supply or sellers
Consider a nation in which most workers are unionized. If all the nation's unions band together and succeed in boosting wages established by long-term labor contracts, then
A. there is a leftward shift in just LRAS. B. there is a rightward shift in just SRAS. C. there is a rightward movement along the SRAS curve. D. there is a leftward shift in both LRAS and SRAS.