Which of the following statements is true?
a. The share of income going to labor has increased during periods when union membership has increased as a proportion of the U.S. labor force.
b. Inflation in the United States has tended to accelerate as the proportion of the U.S. labor force that is unionized has increased.
c. Higher wages in the unionized sectors of an economy will also push up wages in the nonunion sectors.
d. High real wages cannot be achieved and sustained without increases in output per worker hour.
D
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If demand is perfectly elastic, then
A) demand and price are inversely related. B) quantity demanded and price are inversely related. C) the demand curve is a vertical line. D) the demand curve is a horizontal line.
How do economists measure the consumption of a good?
(A) The amount of a good that is bought for a specific amount of money. (B) The amount of money spent to buy a good. (C) The amount of a good that is bought. (D) The amount of a good that is actually used rather than bought.
Demand is said to be __________ when the quantity demanded changes at the same proportion as the price.
a. elastic b. unit elastic c. inelastic d. independent
Tracy and Amy are playing a game in which Tracy has the first move at X in the decision tree shown below. Once Tracy has chosen either the top or bottom branch at X, Amy, who can see what Tracy has chosen, must choose the top or bottom branch at Y or Z. Both players know the payoffs at the end of each branch. 
In the equilibrium of this game:
A. Tracy and Amy both get 125. B. Tracy gets 25 and Amy gets 225. C. Tracy gets 300 and Amy gets 200. D. Tracy gets 75 and Amy gets 150.