In the U.S., the National Labor Relations Board is the government agency that enforces workers' right to unionize
a. True
b. False
Indicate whether the statement is true or false
True
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Which of the following will happen if there is a fall in the supply of credit in an economy without any change in the demand for credit?
A) The real output will fall. B) The labor demand in the economy will increase. C) Its consumption expenditure will increase. D) The real interest rate will fall.
"Because of rent seeking, a monopoly may end up earning a normal profit." Is the previous statement correct or incorrect? Why?
What will be an ideal response?
Average total cost is equal to
a. AFC + AVC. b. AFC/total output. c. AFC/AVC. d. AVC/AFC.
A positive externality exists and government wants to apply a per-unit subsidy in order to bring about an efficient outcome. Under what condition will the solution (the subsidy) be worse than the problem (the market failure)?
A. Under the condition that the subsidy is greater than the marginal external benefit (associated with the positive externality). B. Under the condition that the post-subsidy output is not farther away from the efficient level of output than the pre-subsidy output is from the efficient level of output. C. Under the condition that the post-subsidy output is farther away from the efficient level of output than the pre-subsidy output is from the efficient level of output. D. Under the condition that the subsidy is less than the marginal external benefit (associated with the positive externality). E. none of the above