If we were to compare the hourly earnings of union and nonunion workers in recent years, we would find that
A) unions have not succeeded in raising the hourly incomes of their members above nonunion members.
B) unions have succeeded in raising the hourly incomes of their members above nonunion members.
C) state government unionized employees have earned less in hourly wages than nonunion government employee.
D) union members have increased their hourly incomes, but are still below the hourly incomes of nonunion members.
Answer: B
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Suppose notebooks are produced by a competitive constant-cost industry. Which of the following must cause Nanna's Notebooks to exit the industry in the long run?
a. Nanna's is notified of a rent increase, but her competitors' rents are unchanged. b. A fire destroys half of Nanna's inventory. c. A photographer wins a $10,000 judgment from a lawsuit charging that Nanna's used his photos on notebook covers without permission. d. The price of cardboard used in notebook production rises.
Refer to Figure 2-13. If the two countries have the same amount of resources and the same technological knowledge, which country has an absolute advantage in the production of both pineapples and coconuts?
A) neither country B) Costa Rica C) Guatemala D) cannot be determined
The physical and mental effort people use to produce goods and services is a description of which factor of production?
A. physical capital B. human capital C. labor D. entrepreneurship
If the Fed wants to reduce the value of the dollar, it will
A) sell foreign assets and buy dollars. B) sell dollars and buy foreign assets. C) buy foreign assets and also buy dollars. D) sell foreign assets and also sell dollars.