An increase in our production possibilities is known as:

If a union establishes by collective bargaining a wage rate that is above a competitive market equilibrium wage rate, then

A) an excess quantity of labor will be supplied. B) a shortage of labor will result. C) there will be an increase in total employment. D) management will want to substitute labor for machinery.

Banks' views of the economy change from confidence to caution when they expect

a. wage rates to fall b. employment to increase c. consumer spending to fall d. a recession to occur e. economic expansion