The opportunity cost of money is

Suppose a presidential candidate makes a statement in a debate whereby he promises that he would encourage the Fed to permanently lower the unemployment rate to 3%

His opponent claims that this type of policy idea is mired in the 1960s and would only cause inflation. Explain what the opponent means.

Suppose a labor market has perfectly inelastic supply that is composed of union and non-union workers, and there is wage discrimination in the union and nonunion sectors

If the union shifts its policy from maximizing total economic rents to maximizing total wages earned by members, what happens to the equilibrium employment level and wage for non-union workers? A) Both increase. B) Employment increases and wage declines. C) Wage increases and employment declines. D) Both decline.