In Figure 45.4, it is clearly the case that 
Figure 45.4
A. the total amount of labor employed is less under perfect competition than unionization.
B. every individual worker is better off under unionization than perfect competition.
C. every individual worker is better off under perfect competition than unionization.
D. the total amount paid to workers depends upon the elasticity of labor demand.
Answer: D
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A method of forcing a company to internalize the total cost of production is
A) to impose a tax on the company to reduce production. B) to provide a subsidy to encourage production. C) for government not to interfere in the company's activities. D) to force the company to reduce the wages it pays to its employees.
The hiring of a brilliant tax lawyer by a firm that wants to find tax loopholes
a. encourages economic efficiency by moving resources away from the government into the private sector b. encourages economic efficiency only if the firm's profit increases c. is an example of economic inefficiency caused by devoting resources to wealth redistribution rather than to production d. involves the firm in a zero-sum game against other firms e. involves the firm in a zero-sum game against the government
Over the last 50 years, the rich have:
A. become richer, and the poor have become poorer. B. become richer, and the poor have become richer, too. C. become relatively poorer, and the poor have become relatively richer. D. become relatively poorer, and the poor have become relatively poorer, too.
A situation in which output decreases while prices increase is often referred to as:
A. inflation. B. negative economic growth. C. a recession. D. stagflation.