Economists argue that the union wage advantage
A) has been estimated to be 100% in the private sector.
B) in the private sector is a 4% increase in wages for union workers over nonunion workers.
C) reached its height in 2000 in the private sector.
D) has been close to zero since World War II in the private sector.
B
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In a macroeconomic model designed to explain why some countries grow faster than others, which of these variables is likely to be endogenous?
A) investment B) economic policies C) geographic size D) population E) none of the above
Assume a firm has the following cost and revenue characteristics at its current level of output: price=$8.00 . average variable cost=$6.00 and average fixed cost =$4.00 . In the long run, the firm
a. Should shut-down as its making a loss of $2 b. Should continue operating as long as it is covering the variable costs of $6 c. Should continue operating as long as it is covering the fixed costs of $4 d. Should not shut down