The founder of the American Federation of Labor was
a. George Meany
b. Samuel Gompers
c. Magna Carta
d. Benjamin Franklin
e. Abraham Lincoln
B
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The supply curve of truck drivers is upward sloping and demand curve is downward sloping. A reduction in the price of hauling freight by truck relative to the price of hauling freight by rail will ____ the equilibrium wage of truck drivers and ____ the number of drivers employed
a. decrease; decrease b. decrease; increase c. increase; decrease d. increase; increase
In this economic growth and production possibilities curve, the movement from the old production possibilities curve to the new one results in ______.
a. the same amount of food but less housing
b. the ability to have more food and more housing
c. fewer overall goods being available to consumers
d. the elimination of increasing opportunity costs
Officers of five large building-materials companies meet and agree than none of them will submit bids on government contracts lower than an agreed-upon level. This is an example of:
A. price fixing. B. vertical restriction. C. a tying contract. D. an interlocking directorate.
How many quarters (3-month periods) must the real GDP decline to have the economy considered to be in a recession?
A. 1 B. 2 C. 3 D. 4