Distinguish between craft unions and industrial unions
What will be an ideal response?
Craft unions are composed of workers who engage in a particular trade or skill such as carpentry and plumbing, and industrial unions are composed of workers from a particular industry such as autos or steel.
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If initially the money supply is $1 trillion, velocity is 5, the price level is 1, and real GDP is $5 trillion, an increase in the money supply to $2 trillion
A) increases real GDP to $10 trillion. B) causes velocity to fall to 2.5. C) increases the price level to 2. D) increases the price level to 2 and velocity to 10.
One basic problem faced by central planners, but hardly present in a market system, has to do with:
A. Determining the production goals or targets in a factory B. Having limited resources and trying to match them with unlimited wants C. Coordinating production in various industries so that bottlenecks do not develop D. Providing financial resources for increasing the real flows of products in the economy