Which of the following countries has the largest union membership measured as the percentage of civilian employees in unions?
a. The United States.
b. Japan.
c. The United Kingdom.
d. Sweden.
d
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Are the wages of the pilots marginal costs or sunk costs to an airline trying to decide whether to add a late-night flight from Seattle to San Francisco? They are
A) marginal costs because pilots are indispensable to the flight. B) sunk costs if the pilots will receive no additional compensation for the flight. C) marginal costs because they will be paid after the flight rather than before. D) sunk costs because pilots' wage rates are determined by a contract already existing.
If the real rate of interest is the same internationally, then the nominal interest rates differ solely by the expected inflation differential in two countries
Indicate whether the statement is true or false
If the price elasticity of demand for a product is equal to 4, a 1 percent increase in price of the product will cause the quantity demanded to _____ by _____ percent
a. increase; 0.25 b. decrease; 0.25 c. increase; 4 d. decrease; 25 e. decrease; 4
Economists use the government's tax revenue to measure the public benefit from a tax
a. True b. False Indicate whether the statement is true or false