Exclusive unionism has the economic effect of:
A. Strengthening the bargaining position of an industrial union
B. Weakening the bargaining position of a craft union
C. Decreasing the supply of labor
D. Increasing the demand for labor
C. Decreasing the supply of labor
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A game in which players as a group gain at the end of the game is referred to as
A) zero-sum game. B) negative-sum game. C) positive-sum game. D) tit-for-tat game.
The water and diamond paradox is explained by the fact that the total utility of water is higher than the total utility of diamonds, but the marginal utility of water is lower than the marginal utility of diamonds. Which of the following goods, when compared, have total and marginal utilities that best reflect the water and diamond paradox, although certainly not as vividly?
a. cake and ice cream b. wine and soft drinks c. jewelry and tattoos d. bread and caviar e. horses and automobiles
In the used car market, there is perfect information when the seller knows that the car overheats after 30 minutes, but the buyer does not.
Answer the following statement true (T) or false (F)
The federal funds rate is the interest rate that
a. banks charge one another for loans. b. banks charge the Fed for loans. c. the Fed charges banks for loans. d. the Fed charges Congress for loans.