Unions can increase labor productivity by
A) maximizing the number of workers in the union.
B) reducing the supply of workers over time.
C) reducing conflicts between workers and management.
D) reducing the quantity of poorly made imports into the country.
C
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The General Agreement on Tariffs and Trade is an international agreement
A) that outlaws all tariffs but permits quotas. B) to encourage world trade by lowering tariffs and other trade barriers. C) to encourage world trade by lending resources to developing countries. D) between the United States and Japan that has never been ratified, resulting in several trade wars with Japan.
In some industries, like insurance, both small and very large firms coexist and compete quite effectively in the market. This indicates that the long-run average total cost curve in these industries
a. is "U" shaped. b. is downward sloping over all levels of output. c. exhibits constant returns to scale over a wide range of output. d. exhibits diseconomies of scale beginning at a low rate of output.
Terrell, an auto repair mechanic who remains unemployed because he refuses to work for less than $1,000 an hour, is
a. counted as part of the labor force. b. considered frictionally unemployed. c. an underemployed worker. d. not counted as part of the labor force. e. considered as productively active.
Based on the table showing poverty for different groups, which racial group has the highest poverty rate?
a. Asians
b. Blacks
c. Hispanics
d. Whites