Labor unions may attempt to raise wage rates by:
A. increasing the supply of labor.
B. forcing employers, under the threat of a strike, to pay above-equilibrium wage rates.
C. decreasing the demand for labor.
D. increasing the price of complementary resources.
Answer: B
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If the government imposed a price ceiling on gasoline above this good's current market clearing price, there would be
A) a shortage of gasoline. at the ceiling price. B) a surplus of gasoline at the ceiling price. C) an increase in the price of gasoline. D) no change in the price of gasoline.
Downsizing may result in an increase in accounting costs
Indicate whether the statement is true or false
One reason economists began to look at more effective coordination mechanisms is that they began to:
A. focus more on the assumption that people are rational. B. focus more on people's predictably irrational behavior. C. rely more heavily on deductive reasoning. D. use advanced calculus in their models.
High employment spurs economic growth because high employment
A) usually reduces inflation. B) discourages foreign imports. C) often leads to a high birth rate. D) often leads to high rates of investment.