An increase in the demand for union labor ________ , so there is no need to restrict labor supply or to ration jobs among union members
a. has no impact on wage and employment
b. leads to higher employment and lower wage
c. leads to higher wage and employment
d. leads to lower wage and employment
c
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An organic food manufacturing company has been advertising widely against the consumption of inorganic food. This is an example of ________
A) backward induction B) indoctrination C) anchoring D) sniping
Match each of the following jobs to its major area: forecasting, analysis, research, or data development. Explain your answers
(a) Economist at university, testing theories about the efficient allocation of resources in the foreign exchange market (b) Economist at Wall Street firm trying to predict the rate of inflation next year using past data (c) Economist at auto firm looking at demand for new automobiles (d) Economist at the International Trade Commission trying to determine whether foreign firms are dumping goods in the United States (e) Economist at the Commerce Department developing new methods for calculating price indexes (f) Economist consulting in Eastern Europe about how to set up free-market financial systems
Diminishing marginal utility means that as you consume more of a good, other things constant, the:
a. total satisfaction you obtain from consuming this good falls. b. total amount produced falls. c. marginal product falls. d. additional satisfaction you obtain from each additional unit of the good falls. e. total satisfaction you obtain from each extra good becomes constant.
Suppose the government used the following formula to compute a family's tax liability: Taxes owed = 28% of income - $8,000 . How much would a family that earned $18,000 owe?