A union might increase the demand for the labor services of its members by:
A. decreasing the demand for the product it is producing.
B. decreasing the prices of complementary inputs.
C. decreasing the prices of substitute inputs.
D. increasing the prices of complementary inputs.
Answer: B
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A business produces 400 items and sells them for $15 each for a total of $6,000. The total cost of producing the items is $4,500 in explicit cost and $1,000 in implicit cost. Economic profit is:
A. $500. B. $0. C. $1,500. D. $1,000.
The price of a new textbook is $120 in one year and is $150 two years later, while the price of a used copy of the text increased from $40 to $60. The relative price of a new textbook
A. decreased from 3 to 2.5. B. increased from 3 to 4.5. C. decreased from 0.8 to 0.67. D. remained constant.
The primary reason why the Fed cannot systematically surprise the public with its monetary policy is
A) the nonneutrality of money. B) the presence of productivity shocks that generate real business cycles independent of the monetary side of the economy. C) the presence of rational expectations among the public. D) the presence of propagation mechanisms within the economy.
John Maynard Keynes wrote that economies can suffer recession or depression for many years if the government does not intervene
a. True b. False Indicate whether the statement is true or false