The number of U.S. workers in unions today is:
A. about 13%of all wage and salary workers.
B. roughly equivalent to what it was in the 1950s.
C. just under 15 million Americans.
D. not something we can estimate due to the lack of information on all people in the labor market.
Answer: C
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Assume that after the fifth worker, each additional worker a firm hires is less productive than the previous worker. Based on this information, we can conclude that beyond the fifth worker, the average product of labor will:
A) increase. B) stay the same. C) decrease. D) cannot be determined without additional information.
Monica consumes only goods A and B
Suppose that her marginal utility from consuming good A is equal to 1/Qa, and her marginal utility from consuming good B is 1/Qb. If the price of A is $0.50, the price of B is $4.00, and the Monica's income is $120.00, how much of good A will she purchase? A) 0 B) 12 C) 24 D) 48 E) 120
Consider the production possibilities frontier in the figure shown. The opportunity cost of cars when moving from point B to point C:
A. is greater than the opportunity cost of cars when moving from point A to point B.
B. is less than the opportunity cost of cars when moving from point A to point B.
C. is greater than the opportunity cost of cars when moving between any other two points.
D. there is no opportunity cost when we move from B to C.
Which of the following would help control the future costs of healthcare?
a. a new government program that would cover the cost of prescription drugs purchased by all healthcare consumers b. an increase in the share of healthcare expenditures financed with low co-payment insurance c. allowing consumers to purchase healthcare insurance from out-of-state providers d. an increase in the tax benefits of purchasing healthcare through one's employer