Which of the following would increase the demand for union labor?
A) increasing worker productivity
B) increasing the demand for union made goods
C) decreasing the demand for non-union-manufactured goods
D) all of the above
Answer: D
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Taxing savings in ways that lower the interest rate received by savers will lower savings.
Answer the following statement true (T) or false (F)
In the circular flow model, the source of the factors of production used to create goods and services is the
a. product market b. resource market c. firms d. households e. exchange market
Because the open-economy macroeconomic model focuses on the long run, it is assumed that
a. GDP, but not the price level is given. b. the price level, but not GDP is given. c. both the price level and GDP are given. d. the price level and GDP are variables to be determined by the model.
Opportunity costs are
A) objective because they can always be put in monetary terms. B) objective because specific things are given up when making a choice. C) subjective because each person decides the value of the foregone alternative. D) subjective because it is impossible to put a monetary value on foregone alternatives.