When unions exist in markets
A) firms must have market power in their output markets.
B) there no longer is a perfectly competitive labor supply.
C) individual workers no longer make labor-leisure trade-off decisions.
D) employers have market power in labor markets.
B
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In the United States, from 1980 to 2011, the percentage of
A) part-time workers who are part time for noneconomic reasons has increased significantly to over 30 percent. B) part-time workers who are part time for noneconomic reasons has risen during recessions and fallen during expansions. C) part-time workers who are part time for economic reasons has increased significantly to over 30 percent. D) part-time workers who are part time for economic reasons has risen during recessions and fallen during expansions. E) None of the above answers is correct.
The value of real GDP in the current year equals
A) the value of current-year output in prices of the base year. B) the value of current-year output in prices of the current year. C) the value of base-year output in prices of the base year. D) the value of base-year output in prices of the current year.
Refer to Table 2.3. Assume that 2010 is the base year. Real GDP in 2007 is
A) $490.00. B) $568.00. C) $580.00. D) $671.00.
Money spent on the purchase of a new house is included in the GDP as a part of:
A. the consumption of private fixed capital. B. personal consumption expenditures. C. investment. D. personal saving.