From 1975 to 2000, the employment rate in the United States had been
A. Remaining unchanged.
B. Decreasing each year.
C. Increasing each year.
D. Both increasing and decreasing with an overall upward trend.
Answer: D
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Many unions attempt to raise the hourly wages received by their members by restricting the supply of workers firms can hire from. Assuming the demand for workers who belong to these unions is inelastic, this would cause:
A) wages of individual union members to decrease and the total (combined) income of union members to increase. B) wages of individual union members and the total (combined) income of union members to decrease. C) wages of individual union members to increase and the total (combined) income of union members to decrease. D) wages of individual union members and the total (combined) income of union members to increase.
If aggregate demand is stable and there is economic growth, the economy will experience
A. secular depreciation. B. secular degeneration. C. secular deflation. D. secular decline.
Use the above figure. What does point N represent?
A. a consumer is spending more than her current income B. a less satisfying point than compared to point J C. a consumer not maximizing her satisfaction D. a consumer maximizing her satisfaction
Between 2006 and 2013, prices for food commodities
A. remained largely constant even in nominal terms. B. rose far slower than inflation. C. rose far faster than inflation. D. rose at about the overall rate of inflation.