Which of the following is legal under the Taft-Hartley Act?
A) closed shops
B) collective bargaining
C) secondary boycotts
D) sympathy strikes
Answer: B
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When a perfectly competitive firm increases output, total revenue:
A. increases, because there is no price effect. B. decreases, because there is no price effect. C. increases, because there is no quantity effect. D. decreases, because there is no quantity effect.
If society were to experience an increase in its available resources its production possibilities frontier would:
A. shift out. B. shift in. C. not move. D. become convex.
James owns two houses. He rents one house to the Johnson family for $10,000 per year. He lives in the other house. If he were to rent the house in which he lives, he could earn $12,000 per year in rent. How much do the housing services provided by the two houses contribute to GDP?
a. $0 b. $10,000 c. $12,000 d. $22,000
South Korea suffered a destabilizing speculation in the late 1990s. This had the effect of ________ for the won. South Korean government tried to counteract this by raising interest rates which should have ________ the won.
A) decreasing demand; increased demand for B) decreasing the supply; increased supply of C) increasing demand; decreased demand for D) decreasing the supply; increased demand for