Labor unions are groups of:
A. employees who join together to bargain with their employer(s) over salaries and work conditions.
B. employers who join together to create fair employment packages for employees within a certain geographical area.
C. employers who petition the government to regulate the safety conditions of certain industries.
D. employees who petition the government to oversee the employment conditions of employees who work for major corporations.
A. employees who join together to bargain with their employer(s) over salaries and work conditions.
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When government decides to increase spending, interest rates generally ________ and this change in interest rates ________ investment spending
A) increase; increases B) increase; decreases C) decrease; increases D) decrease; decreases
If the income elasticity of demand is 0.5, the good is
a. a luxury. b. a normal good (but not a luxury). c. an inferior good. d. a Giffen good.
If the cost were greater than the marginal benefit of a good:
A. consumers could increase their utility by buying more. B. consumers could increase their utility by buying less. C. producers should increase production. D. social net benefit would be maximized.
The invisible hand ensures that economic prosperity is distributed equally
a. True b. False Indicate whether the statement is true or false