If the demand for a good increases when the price of another good increases, then these goods are:
a. complementary in consumption.
b. complementary in production.
c. substitute in production.
d. substitute in consumption.
e. neither substitutes nor complementary.
d
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A government-inhibited good is one that
A) the political process has determined is socially undesirable. B) the political process has determined is socially desirable. C) freely competitive markets have determined is socially desirable. D) we want to encourage the consumption of.
What is a union shop?
a. Only active union members can be hired. b. New employees must join the union after hire. c. Featherbedding adds unneeded workers. d. The employees have created their own union.
Long-term chronic unemployment that results even when the economy is producing at a normal rate is called ________ unemployment.
A. global B. cyclical C. structural D. frictional
The majority of economists feel that ______.
a. the central bank should follow political business cycles b. the central bank should support the wishes of the incumbent party c. fiscal policy should take the lead role in stabilization d. monetary policy should take the lead role in stabilization