The government deficit is equal to
A) new money created minus new borrowing from the public.
B) new borrowing from the public plus new money created.
C) new borrowing from the public divided by new money created.
D) new borrowing from the public minus new money created.
B
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We would expect the cross-price elasticity of demand between Pepsi and Coke to be
A. negative, indicating substitute goods. B. positive, indicating substitute goods. C. positive, indicating secondary goods. D. positive, indicating general goods.
In settings where the policy space is single dimensional, non-single peaked preferences by some implies there is no Condorcet winner.
Answer the following statement true (T) or false (F)
A buyer is said to be a price taker if she:
A) can bargain over the prices of the goods she consumes. B) can purchase any amount of a good at a fixed price provided she has the money to pay for it. C) always pays less than the market-determined price for the goods she is consuming. D) ignores the prices of related goods and considers only the price of the goods she is purchasing.
If clerical workers in your state voted to have a union represent them in negotiations with employers, they would have monopoly power in wage determination
Employers would be in no position to exert monopsony power in their employment of clerks in this market due to the large number of employers in the market. Labor supply is given by LS = 50W - 100 (or, equivalently W = LS/50 + 2 ) Labor demand is given by LD = 700 - 25W (or, equivalently W = -LD/25 + 28 ) a. What is the equation for marginal revenue? b. Using the supply and demand equations, compute the wage rate and number of workers that would be hired when there is no union representation. c. Using the supply and demand equations, compute the wage rate and number of workers hired when the union represents workers and acts to maximize aggregate wages to all workers hired. d. Explain the impact of (c) on the competitive market.