Explain the possible benefits of labor unions.
What will be an ideal response?
Unions may increase worker productivity by facilitating communication between workers and managers. Unions may also benefit unionized firms by reducing turnover among workers.
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Which of the following industries most closely approximates the conditions of the oligopoly model?
a. legal services b. retail clothing c. milk d. breakfast cereals
Which is the most accurate statement?
A. In the long run the perfect competitor makes an economic profit. B. Most perfect competitors are large firms. C. In the long run the perfect competitor's price is equal to average total cost. D. The long and the short run for the perfect competitor are identical.
Which would most likely increase aggregate supply?
A. An increase in the prices of imported products B. An increase in productivity C. A decrease in business subsidies D. A decrease in personal income taxes
Inflation is an overall:
A. rise in prices in the economy. B. decline in prices in the economy. C. decline in prices in the economy, excluding those with historically volatile price changes. D. rise in prices in the economy, excluding those with historically volatile price changes.