Which of the following is true regarding labor legislation?
a. The Taft-Hartley Act increased union power while the Wagner Act limited union power.
b. The Wagner Act increased union power while the Taft-Hartley Act limited union power.
c. Both the Wagner Act and the Taft-Hartley Act increased the power of unions
d. Both the Wagner Act and the Taft-Hartley Act limited the power of unions.
b
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Which of the following is likely to occur when a two-person game can be played repeatedly?
a. Collusion and cooperation among the players b. The prisoner's dilemma c. The industry demand curve will become perfectly elastic d. The industry demand curve will become perfectly inelastic e. There is no solution possible because of the indeterminate price quantity combinations
The inflation tax
a. transfers wealth from the government to households. b. is the increase in real income taxes due to lack of indexation in income tax rules. c. is a tax on everyone who holds money. d. All of the above are correct.
If the market price of a good is $150 and the supply price of the good is $70, what is the producer surplus if any?
A. $150 B. $70 C. $220 D. $80 E. $0
Which of the following is true of an import quota?
a. is a tax of imported goods b. limits quantity of imports allowed into a country c. will decrease the price of imported goods d. will raise revenue for the government e. helps to address a balance of trade surplus