Which of the following is true of the market for labor?
A) Workers are the suppliers of labor.
B) Workers are the demanders of labor.
C) The labor supply curve is perfectly elastic.
D) The labor demand curve is perfectly elastic.
A
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Year 2 nominal GDP is
A) $200. B) $270. C) $310. D) $390.
In the short run, a firm should shut down if its economic loss from operating exceeds its total fixed cost
a. True b. False Indicate whether the statement is true or false
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.
The consumer price index and the GDP deflator are two alternative measures of the overall price level. Which of the following statements about the two measures is correct?
a. The two measures are constructed differently, but they always indicate the same inflation rate. b. The substitution bias applies equally to both measures. c. A change in the price of Korean televisions is reflected in the U.S. consumer price index but not in the U.S. GDP deflator. d. All of the above are correct.