Which of the following statements is correct?
A. For the United States, union workers earn 10 to 20 percent more than nonunion workers doing the same work.
B. Most other industrialized countries have a larger union markup.
C. The union markup is relatively small for unionized firms in a competitive market.
D. None of these
Answer: A
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In an economy with no government and no international trade, consumption expenditures will be less than the total value of goods and services when
A) people save some of their income. B) people barter rather than use money in making exchanges. C) saving is zero. D) investment is zero.
A market requires
A. government intervention. B. sellers only. C. buyers and sellers. D. buyers only.
Refer to the information provided in Figure 7.6 below to answer the question(s) that follow. 
Figure 7.6Refer to Figure 7.6. The shoe manufacturer currently produces 50 units of output. If this shoe manufacturer increases labor from 15 to 20, the marginal product of the 20th worker
A. is zero, as the total number of shoes produced remains at 50. B. is 8.5, as capital can be reduced by 8.5 units when the 20th worker is hired. C. cannot be determined because output remains constant. D. cannot be determined because both capital and labor have been increased.
A machinery used in a factory is a(n) ________ good
A) club B) capital C) inferior D) public