Unions attempt to raise wage rates for their members by
a. reducing the supply of the product their members produce
b. lowering barriers to entry so their members have greater opportunities
c. reducing the demand for labor so there are fewer nonunion competitors
d. negotiating a higher-than-competitive wage rate
e. lowering the marginal product of nonunion labor
D
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Who among the following is most likely to favor an appreciation of the U.S. dollar?
a. a German professor visiting Chicago b. an American farmer who depends on exports c. an American professor on a tour of Austrian universities d. Disney World in Orlando, Florida, a popular destination for foreign tourists
Which of the following is not evidence of the lower standard of living among less-developed countries?
A. high per capita real GDP B. high percentage of households headed by females C. high infant mortality rate D. low life expectancy
In Figure 21.4, a firm that produces over 800 units of output should choose a plant with which short-run average total cost function?
A. ATC3 only. B. Either ATC2 or ATC3. C. ATC1 only. D. ATC2 only.
Refer to Scenario 7.8 below to answer the question(s) that follow. SCENARIO 7.8: A swimming pool cleaning company has the following production possibilities. With one, two, three, and four workers, the company can clean 5, 12, 17, and 20 pools per day, respectively. Refer to Scenario 7.8. The marginal product of the second worker is
A. 3. B. 5. C. 7. D. 12.