If consumption expenditures are $200 billion, total investment is $50 billion, government purchases are $40 billion, exports are $45 billion, imports are $40 billion, aggregate expenditures must be:

The above figure shows the U.S. market for 1 carat diamonds. With free trade, Americans buy ________ diamonds and pay a price of ________ per diamond

A) 300,000; $4,000 B) 500,000; $4,000 C) 700,000; $3,000 D) 300,000; $3,000 E) 900,000; $2,000

An industry with a strong union (e.g., UAW)

a. will increase wages in the nonunion sector of the industry b. will increase employment for union workers when wages increase c. can force employers to hire all unions members regardless of the wage d. can increase the demand for union workers by increasing turnover and reducing productivity e. can bargain for wages that are greater than the market's equilibrium wage