Which of the following is the largest union in the United States?
A) International Brotherhood of Teamsters
B) International Brotherhood of Electrical Workers
C) National Education Association
D) American Federation of State, County, and Municipal Employees
C
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Since few Americans would ever be willing to pay more for a sandwich than for a pair of jeans,
A) for most Americans clothing is more important than food. B) for most Americans clothing is more valuable than food. C) for most Americans clothing has more monetary value than food. D) most Americans derive their values from the culture rather than biological necessities. E) most Americans have little difficulty obtaining enough to eat.
Assume that the initial demand and supply curves in the above figure are DA and SA, respectively. The initial equilibrium price and quantity are
A) P1 and E. B) P3 and F. C) P1 and G. D) P2 and F.
The idea that individuals can reach an efficient equilibrium through private trades, even in the presence of an externality, is called:
A. market failure. B. trade quotas. C. the invisible hand. D. the Coase theorem.
Suppose that real domestic output in an economy is 300 units, the quantity of inputs is 50, and the price of each input is $9. The per-unit cost of production is:
A. $0.67. B. $55.00. C. $33.33. D. $1.50.