The American Federation of Labor (AFL)
A. became the nation's predominant labor organization in the 1930s.
B. had a main goal in the first decades of its existence of the formation of small producers' cooperatives.
C. originally organized unions along craft lines as opposed to industrial lines.
D. and the Congress of Industrial Organizations (CIO) split up in 1955.
C. originally organized unions along craft lines as opposed to industrial lines.
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Along a straight-line demand curve, why does the price elasticity of demand grow steadily smaller as we move from left to right?
What will be an ideal response?
A horizontal demand curve is perfectly elastic
a. True b. False Indicate whether the statement is true or false
Suppose Beth Dollins, Nike's CEO, decides to produce 1 million pairs of cross-training shoes, but when the shoes reach the market, consumers decide to buy only 600,000 pairs. Assuming Nike's situation is similar to other producers, the most likely resulting scenario would be
a. an increase in overall production and an increase in the economy's unemployment b. a cutback in overall production and an increase in the economy's unemployment c. a decrease in real GDP and a decrease in the economy's unemployment d. a decrease in real GDP and no effect on the economy's unemployment e. no change, because Nike will not alter its production plans due to short-run market changes
If one producer has the absolute advantage in the production of all goods, then that same producer will have the comparative advantage in the production of all goods as well
a. True b. False Indicate whether the statement is true or false