Labor unions
a. prefer to operate in states with right-to-work laws.
b. are similar to cartels.
c. play a larger role in the current U.S. economy than in European countries such as Norway and Sweden.
d. attract a membership of about 25 percent of current U.S. workers.
b
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Rivalry among firms would tend to be high if
a. Firms are located further from each other b. Firms are located close to one another c. There is only one firm in the market d. None of the above
The theoretical model of the intertemporal budget constraint suggests that the most important factor in support of individual savings is:
a. the preference of the individual. b. a higher rate of return on savings. c. an increase in income. d. a decrease in the cost of living.
During the 1960s and 1970s, the U.S. trade balance was close to zero, but during the 1980s, the trade deficit ballooned to unprecedented levels due to:
A. a decline in national saving caused largely by rapidly rising government budget deficits. B. an inability of U.S. companies to compete in the international market. C. a worldwide recession that made it difficult for American companies to sell their products abroad. D. a decline in private saving that resulted from an upsurge in consumption.
What is the government's major problem involved in reaching the optimal level of provision for public goods?
What will be an ideal response?