Unions have found it particularly difficult to organize workers in service-based industries. Why?
Unions have found that the service industry is largely composed of small firms. Since worker tasks are generally more varied in the service sector than in that of manufacturing, it makes it harder for workers to negotiate as a group. Also, many of these workers in small firms find unions less appealing because they are able to forge more personal relationships with management and owners.
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In the Harrod-Domar growth model, if 12.5% of income is saved, the incremental capital output ratio is 2.5 and the rate of depreciation is 4%, what is the implied rate of growth?
What will be an ideal response?
A leading indicator:
a. changes in either direction before a recession starts. b. usually declines before a recession starts. c. generally changes after real GDP changes. d. remains unaffected by changes in real GDP. e. does not change with business cycles.
An equilibrium in which each firm in an oligopoly maximizes profit, given the actions of its rivals, is called
a. a general equilibrium. b. a dominant equilibrium. c. a Nash equilibrium. d. an oligopoly equilibrium.
A legal limit on the quantity of a foreign-made good that can be sold in domestic markets is an ______.
a. exchange rate b. import tariff c. export credit d. import quota