A legal arrangement whereby a firm can hire only union labor is called
A) a union shop.
B) a closed shop.
C) a sweat shop.
D) an open shop.
Answer: B
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The economic problem of scarcity
A. is unique to a capitalist economy. B. requires that choices be made among alternatives. C. disappears as technology advances. D. affects only less-developed countries.
In managing the monetary base, the Fed most often uses
A) open market purchases. B) printing money. C) discount loans. D) tax increases.
A common unscrupulous financial practice of railroad promoters (and the basis of the Credit Mobilier scandal) involved
a. federal tax evasion. b. "insider" ownership of railroad construction companies. c. sales of worthless railroad bonds to unwitting buyers. d. insurance fraud.
Of the arguments for limiting trade, which one is the most appealing to economists?
A. helping an industry that is in trouble B. protecting the profits of companies C. preventing other countries from getting a comparative advantage by their use of environmentally irresponsible actions D. protecting the jobs of citizens