Which best describes labor unions?
A. They are not generally accepted as an American institution.
B. They are accepted as an American institution.
C. They are more powerful today than they were 50 years ago.
D. They were at the peak of their power in the early 20th century.
B. They are accepted as an American institution.
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According to the expenditure approach to measuring GDP, in the United States , the largest component of GDP is
A) net exports of goods and services. B) consumption expenditure. C) government expenditure on goods and services. D) investment. E) wages.
The tables above show a nation's labor demand and labor supply schedules and its production function. Given the equilibrium in the labor market, potential GDP is
A) $3.0 trillion. B) $3.7 trillion. C) $4.2 trillion. D) $4.5 trillion. E) $2.0 trillion.