Suppose the goal of a union is to maximize the total income of all workers it represents. In this case it will probably aim for a wage at which the elasticity of demand for workers is
a. 0.
b. infinite.
c. 1.
d. ranging from 2 to 5.
c
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Microeconomics approaches the study of economics from the viewpoint of:
a. individual or specific markets. b. the national economy. c. government units. d. economywide markets.
When a nation begins to import a good,
a. the domestic price of that good will fall b. domestic consumers are harmed c. the domestic price of that good will rise d. domestic producers benefit e. the quantity produced domestically will rise
All of the following are examples of public goods that government has assumed responsibility for over the years except
a. national parks b. interstate highways c. sewage systems d. street lighting e. stock exchanges
In 2008, 1.00 Swiss franc cost 0.56 British pounds and in 2010, it cost 0.51 British pounds. Therefore, 1 British pound was worth _____ Swiss francs in 2008 and _____ Swiss francs in 2010
a. 1.79; 1.96 b. 1.78; 1.98 c. 1.71; 2.00 d. 1.73; 1.97