An example of featherbedding is
A) advertising that encourages consumers to buy union-made goods.
B) union requirements that forbid the use of certain laborsaving equipment.
C) lobbying Congress to get higher tariffs.
D) the requirement that all construction workers who work on a government-financed project receive the union wage rate regardless if they are in the union or not.
Answer: B
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The unemployed are those people who
A. are not employed but are seeking work. B. are not working. C. are not in the workforce. D. do not have jobs.
When economists say scarcity, they mean:
a. there are only a limited number of consumers who would be interested in purchasing goods. b. the human desire for goods exceeds the available supply of time, goods and resources. c. most people in poorer countries do not have enough goods. d. goods are so expensive that only the rich can afford it.
If education produces positive externalities and the government does not intervene in the market, we would expect
a. the equilibrium price to be higher than the optimal price. b. the equilibrium quantity to be lower than the optimal level. c. the equilibrium quantity to be higher than the optimal level. d. both a and b are correct
Initially the two vendors set up at the ¼ -mile mark and the ¾-mile mark in order for each to minimize its transportation costs. Eventually they both locate at the ½-mile mark. Which of the following statements is true?
a. Both vendors raised their transportation costs by moving to the center.
b. The initial setup is the Nash equilibrium.
c. The initial setup is a stable equilibrium.
d. Vendor A lowered its transportation costs by moving to the center.