Which of the following is a major measure of economic growth?
A. Changes in real GDP.
B. The fall in the rate of unemployment.
C. The rise in the price level.
D. Changes in interest rates.
Answer: A
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When the collective bargaining process fails to produce an acceptable contract, the union can attempt to extract a higher wage from a monopsonist by
a. bringing in more workers b. allowing the workers to negotiate their own individual terms c. shifting the MLC curve downward d. going on strike e. increasing the return to monopsony power
A production possibilities frontier with a bowed-outward shape indicates
A) the possibility of inefficient production. B) constant opportunity costs as more and more of one good is produced. C) increasing opportunity costs as more and more of one good is produced. D) decreasing opportunity costs as more and more of one good is produced.