Describe the current status of unions in the United States and the major union organization
What will be an ideal response?
In 2011, about 14.8 million workers in the United States belonged to unions, but they accounted for only about 11.8% of wage and salary workers. Most union workers (8.4 of the 15 million) are members of the unions loosely and voluntarily affiliated with the American Federation of Labor and Congress of Industrial Organizations (AFL-CIO).
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Thomas Edison once said that he began making real profit on light bulbs when he dumped his surplus on the European market at less than the “cost of production.” From this we can deduce Edison
A. did not want to maximize profit. B. understood the difference between marginal and average cost. C. had a different definition of the term “profit.” D. did not understand the difference between fixed and variable cost.
A curve that represents all combinations of market baskets that provide the same level of utility to a consumer is called:
A) a budget line. B) an isoquant. C) an indifference curve. D) a demand curve. E) none of the above
In the short run, if aggregate demand shifts to the left while the position of the short-run aggregate supply curve does NOT change, then
A. a recessionary gap occurs. B. an inflationary gap occurs. C. there is no change in real GDP and the price level. D. the level of economic activity rises.
Refer to the data provided in Table 17.6 below to answer the following question(s). The table shows the relationship between income and utility for Isabel.Table 17.6 IncomeTotal Utility $00 $40,00020 $80,00050$120,00090$160,000150Refer to Table 17.6. From the table, we can see that Isabel is
A. risk-neutral. B. risk-loving. C. risk-averse. D. We cannot determine Isabel's attitude toward risk from the table.