A craft labor union is made up of
A) groups of workers in an individual trade.
B) all the workers in a firm such as General Motors.
C) firms that employ similar labor skills.
D) an organization that controls the labor market in a particular industry.
A
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When the price of gasoline rises, some consumers begin riding their bikes more frequently or riding the bus instead of driving their cars. The fact that the CPI does not fully account for such changes in consumer behavior is called
A) increase in quality bias. B) outlet bias. C) substitution bias. D) discrimination bias.
Under most circumstances, the application of taxes on goods will only affect who gets the goods
Indicate whether the statement is true or false
Nonexcludability causes:
A. firms to supply a lower quantity than they would if they incurred the full costs of the provision of the good. B. people to demand a higher quantity than they would if they had to pay for what they consumed. C. people to demand a lower quantity than they would if they paid for what they consumed. D. firms to supply a higher quantity than they would if they had to pay for what they supplied.
The opportunity cost of going to college for a student receiving a scholarship
A) is the income that she would have earned if she did not go to college. B) is the risk of dropping out. C) is the food and living expenses that she has to purchase while in college. D) is zero because she does not have to pay tuition.