Of the several ways that the United Auto Workers can increase the wages of its members,
a. none can also increase employment
b. only direct negotiation of a wage above the competitive level can also increase employment
c. only restricting the supply of labor can also increase employment
d. only increasing the demand for labor can also increase employment
e. only binding arbitration can also increase employment
D
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The foreign exchange market is the market on which ________ of various nations are traded for one another.
A. stocks and bonds B. international financial securities C. goods and services D. currencies
Refer to the above figure. If the economy is currently operating at point C, then there is
A) a stable long-run equilibrium situation. B) a recessionary gap. C) an inflationary gap. D) unemployment.
A demand relationship in which a given percentage change in price will result in a less than proportionate percentage change in quantity demanded is
A) elastic. B) unit-elastic. C) inelastic. D) consistent with zero elasticity.
According to Figure 11.2, a shift from AD1 to AD2 will
A. Eliminate the GDP gap because of the increase in output. B. Move the economy to point Y and then the market mechanism will move the economy to point Z. C. Move equilibrium to point Y where the price level is higher than before. D. Move equilibrium to QF.