The American Bar Association administers the bar examinations that prospective lawyers must pass before being allowed to practice law. The legal requirement to pass this test before practicing law allows the Bar Association to act as a
A. monopsony.
B. union that can restrict the supply of lawyers.
C. union that can increase the number of lawyers.
D. bilateral monopoly.
Answer: B
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Refer to the diagram above, which represents a country's supply and demand for an internationally traded good. If PW is the world price, and a foreign country engages in dumping by selling at P2, total domestic production will ________ to ________
A) increase; Q2 B) decrease; zero C) increase; Q5 D) increase; Q3
The proposition that the Fed should concentrate on price stability rather than reducing unemployment is
a. generally accepted by politicians, although few economists accept this proposal. b. largely accepted by most economists, although politicians do not agree. c. highly debatable, because many do not agree that price stability should be the most important goal. d. simply incorrect, and no one accepts this idea anymore.