Suppose a labor market has perfectly inelastic supply that is composed of union and non-union workers, and both groups of workers initially earn the perfectly competitive wage
What happens to the equilibrium employment level and wage for union workers if the union exercises its bargaining power? A) Both increase.
B) Employment increases and wage declines.
C) Wage increases and employment declines.
D) Both decline.
C
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Since 1960, the price of medical care in the United States has
A) decreased slightly. B) remained relatively unchanged. C) increased 8-fold. D) increased 19-fold.
One problem with fiat money, as compared to commodity money, is that: a. more resources are used to create fiat money
b. there is frequently too little fiat money available. c. there is a greater potential for inflation with fiat money. d. fiat money must be turned in to the government to receive the commodity on which it is based. e. fiat money is less divisible than commodity money.