Which of the following does not describe the historical patterns of unionization and strike activity in the United States?
A. Union membership did not change very much from 1900 to 1935.
B. The percent of public sector employees who are in a union remained relatively constant from 1950 to 2010.
C. The percent of workers involved in a strike has steadily decreased over the last 40 years.
D. The percent of time lost to a strike has steadily decreased over the last 40 years.
E. The percent of private sector employees who are in a union has steadily decreased over the last 40 years.
Answer: B
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The bowed shape of the per-worker production function is caused by
A) wealth effects that reduce labor supply. B) diminishing marginal productivity of capital. C) increasing marginal productivity of labor. D) increasing marginal productivity of capital.
According to the life-cycle hypothesis, if the average person expects to live another 48 years, the short-run MPC out of unexpected changes in income is
A) 0.52. B) 0.48. C) 0.9792. D) 0.0208.
All of the following are true, except
a. Some consumers may infer high quality from high price b. Low prices can indicate lower quality given that no other information is available c. Promotional campaigns do not affect consumer's perception on quality d. It makes more sense to raise price when advertising makes demand less elastic
Which of the following is a consequence of rent controls established to keep housing affordable for the poor?
A. Apartment buildings are torn down in favor of office buildings, shopping malls, and other buildings where rents are not controlled. B. Less rental housing is available as prospective landlords find it unprofitable to rent at restricted prices. C. The quality of rental housing declines as landlords lack the funds and incentive to maintain properties. D. All of these are consequences of rent controls.