The number of labor union members reached its peak in the decade of the
A. 1950s.
B. 1960s.
C. 1970s.
D. 1980s.
C. 1970s.
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What is the equation for the demand (which is also MR) faced by the individual farmer?
In the competitive market for organic corn, market demand is QD = 340 – 2P and market supply is QS= 100 + 4P, where P is the price per bushel, and Q is market output in thousands of bushels. Each individual farmer faces a marginal cost function of MC = 10 + 3q, where q is the single farmer’s output level in thousands.
Assume that an economy's real GDP multiplier is 4 . If this economy is in equilibrium at $2,000 billion, then which one of the following actions will bring it to a full employment equilibrium of $1,500 billion?
a. $500 billion spending cut. b. $500 billion spending increase. c. $125 billion spending cut. d. $125 billion spending increase. e. $2,000 billion spending cut.
Supply curves applicable to shorter periods of time tend to:
a. be represented by horizontal lines parallel to the quantity axis. b. be perfectly elastic. c. be more inelastic than supply curves that apply to longer periods of time. d. be more elastic than supply curves that apply to longer periods of time. e. have a price elasticity of supply that is approximately equal to 1.
An economic agreement between countries to allow free trade between members, a common external trade policy, and coordinated monetary and fiscal policies is called
a. an economic union. b. a common market. c. a trade forum. d. a free trade agreement.