One In the News article titled "$2 Trillion in "Underground" Economy" reports that the underground economy is roughly 12 percent of total output. This is an example of
A. Value added.
B. Market activity.
C. Unreported Income.
D. An intermediate good.
Answer: C
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The crowding out effect of expansionary fiscal policy when the money supply is not increased is confirmed by
A) the Keynesian econometric models only. B) the Monetarist models only. C) both the monetarist and Keynesian econometric models. D) neither the Monetarist nor the Keynesian econometric models.
Managerial economics is best defined as the economic study of
A) how businesses can make the most profits. B) how businesses can decide on the best use of scarce resources. C) how businesses can operate at the lowest costs. D) how businesses can sell the most products.
A firm that is a monopsonist in the labor market and a monopolist in the product market will hire labor to the point at which
A) MFC = MRPm. B) a perfectly elastic labor supply = MRP. C) a perfectly inelastic labor supply = perfectly inelastic labor demand. D) where supply of labor = demand for labor.
Which of the following strategies that a union might pursue would result in the lowest wage rate for its members?
a. Maximizing the total wage bill b. Maximizing employment of its members c. Restricting union membership severely d. Maximizing the total economic rent obtained by its members