Among possible union strategies, the one that can both raise wages and add to employment is
A. restricting the supply of workers.
B. raising the demand curve for the product or for labor.
C. fixing the wage.
D. striking frequently.
Answer: B
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Harry attended a baseball card show in New York City where he bought a number of rookie cards of Pittsburgh Pirates baseball players from the 1950s and 1960s
Harry then sold the cards in Pittsburgh, Harry's hometown, where he knew the cards sold for higher prices. The profits Harry earned from these transactions are called A) arbitrage profits. B) implicit profits. C) normal profits. D) accounting profits.
The Federal Funds Market provides for day to day lending and borrowing among banks having excess reserves on account at the Fed
Indicate whether the statement is true or false
In an open-market purchase the Federal Reserve ________ government bonds from the public and the supply of bank reserves ________.
A. sells; decreases B. buys; increases C. buys; decreases D. sells; increases
How does real gross domestic product (GDP) differ from nominal GDP?
A. Nominal GDP controls for price changes, while real GDP does not. B. Real GDP controls for price changes, while nominal GDP does not. C. Nominal GDP can be used to directly compare the amount of output produced from year to year, while real GDP cannot be used for such comparison. D. There is no difference between nominal GDP and real GDP.