Union contracts that have built-in cost-of-living adjustments and home mortgages that vary with the rate of inflation are
a. inappropriate ways of combating inflation
b. examples of bracket creep
c. means of implementing fiscal policy
d. examples of steps that can be taken to decrease the adverse impacts of inflation
e. examples of failed discarded policies of the 1970s
D
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A monopsony will hire another worker if the
A) marginal cost of labor exceeds the value of marginal product. B) marginal cost of labor is less than the value of marginal product. C) marginal cost of labor is less than the wage rate. D) wage rate exceeds the value of marginal product.
What is an accurate implication resulting from an increase in income?
A) an increase in exchange rate B) a decrease in exchange rate C) a decrease in consumption D) a decrease in output E) an increase in consumption
The purchasing power (real value) of the federal minimum wage in March 1990 was the same as it was in 1981
Indicate whether the statement is true or false
The price elasticity of demand between milk and soda is likely to be
a. negative, because the goods are complements b. positive, because the goods are complements c. negative, because the goods are substitutes d. positive, because the goods are substitutes e. 0, because the goods are not usually consumed by the same person at one time