Bargaining between the management of a company and the management of a union is
A) a closed shop.
B) a bilateral monopoly.
C) a craft union.
D) collective bargaining.
D
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The above figure shows Dana's marginal benefit curve for ice cream. If the price of ice cream is $2 per gallon and Dana is allowed to buy only 8 gallons of ice cream, then her consumer surplus on the 8th gallon is
A) $1. B) $2. C) $3. D) $8.
When the supply of land is perfectly inelastic, the economic burden of an annual tax on land
a. falls entirely on the people who owned land when the tax was imposed. b. is passed on to future buyers of land in the form of higher prices. c. is split between present and future landowners. d. cannot be determined without information on the elasticity of the demand for land.
Which of the following could shift the Production Possibilities Frontier for the production of automobiles?
a. Newer technology allows the cars to be made more quickly. b. More laborers are trained in the computerized technology used by the automobile manufacturers. c. Laws are passed allowing automobile manufacturers to lower their tax rates by hiring more laborers. d. All of the above could shift the Production Possibilities Frontier of automobiles.
Choosing to study for an exam until the extra benefit (e.g., improved score) equals the extra cost (e.g., the value of foregone activities) is:
A. an application of the Scarcity Principle. B. not an economic choice. C. not rational because it ignores the importance of total benefits and total costs. D. an application of the Cost-Benefit Principle.