If we were to compare the annual earnings of union and nonunion workers in recent years, we would find that
A) unions have not succeeded in raising the annual incomes of their members.
B) unions have succeeded in raising the annual incomes of their members.
C) the data is incomplete to tell whether unions have been successful in raising the annual income of their members.
D) union members have annual incomes substantially below nonunion members.
Answer: A
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For the U.S. federal government, mandatory spending refers to
A) spending that is not subject to Congress's annual appropriations process. B) spending that never changes in amount from year to year. C) spending on federal employee salaries. D) spending that must be authorized by Congress each year.
The reason that the production possibilities frontier is usually a bow-shaped curve instead of a straight line is that
a. it makes it easier to illustrate the concepts of scarcity and prices with a bow-shaped curve than it is with a straight line b. early economists began drawing them in this way and the convention has continued throughout the years c. output eventually reaches a maximum and then declines d. resources are not perfectly adaptable to the production of all goods e. the frontier will shift outward over time