The exercise of union power will tend to
A. Cause product prices to be lower in unionized industries.
B. Cause profits to be higher in unionized industries.
C. Increase the supply of labor available to nonunion industries.
D. Reduce the supply of labor available to nonunion industries.
Answer: C
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Demand-pull inflation is caused by a rightward shift of the aggregate demand curve
a. True b. False Indicate whether the statement is true or false
The Federal Deposit Insurance Corporation:
a. has eliminated bank failures. b. insures all demand deposits without limit. c. insures all demand deposits up to $100,000. d. insures all demand deposits up to $10,000. e. insures all savings and loan deposits up to $100,000.
If the price level rises, the effect on the expenditure schedule and equilibrium real GDP is to
a. increase both. b. decrease both. c. shift the expenditure schedule upward and decrease equilibrium real GDP. d. shift the expenditure schedule downward and increase equilibrium real GDP.
Policy makers who listen to the academic economists from whom they ask advice:
A. never privately agree with the economists' policy recommendations. B. do not always follow the economists' policy recommendations. C. always follow the economists' policy recommendations. D. realize that the best way to get elected and reelected is to say constantly that all choices have costs and benefits.