When a union bargains successfully with employers, in that industry,
a. both the quantity of labor supplied and the quantity of labor demanded increase.
b. both the quantity of labor supplied and the quantity of labor demanded decrease.
c. the quantity of labor supplied increases and the quantity of labor demanded decreases.
d. the quantity of labor demanded increases and the quantity of labor supplied decreases.
c
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A new technology is discovered that results in all new cars producing 50 percent less pollution. The technology costs nothing to produce and cars do not change in price
As a result of the technology, there is a reduction in the number of visits people make to the doctor to complain of breathing difficulties. Which of the following is true? A) Real GDP decreases as a result of fewer doctor services being provided. B) Real GDP is not affected. C) Nominal GDP increases to reflect the improvement in the health of the population. D) Real GDP decreases to reflect the decrease in pollution. E) Nominal GDP does not change and real GDP increases.
The economist Irving Fisher, after whom the Fisher effect is named, explained why interest rates ________ as the expected rate of inflation ________, everything else held constant
A) rise; increases B) rise; stabilizes C) fall; stabilizes D) fall; increases