The largest labor unions in the United States are the
A. Walmart employee union.
B. International Brotherhood of Teamsters (Teamsters).
C. Service Employees International Union and the National Education Association (NEA).
D. International Union, United Automobile, Aerospace and Agricultural Implement Workers of America (UAW).
Answer: C
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Suppose that we observe that wages are falling while output is increasing. Holding the demand for output constant, what might cause this to happen?
What will be an ideal response?
Value pricing reflects
A) product differentiation. B) competitive pricing strategies. C) marginal cost pricing. D) add-on price strategies.
Refer to the figure below. If the supply curve returns to its initial level of S a , the amount of consumer surplus will return to its original level.
A. True
B. False
C. Uncertain
For most firms, the major difference between accounting profit and economic profit is that
a. explicit and implicit costs are included in the accounting profit while only explicit costs are included in economic profit. b. accounting profit omits the salaries of managers, and therefore, it is generally greater than economic profit. c. accounting profit is based on opportunity cost, whereas economic profit is based on market transactions. d. accounting profit does not consider the opportunity cost of the firm's equity capital and, therefore, generally overstates economic profit.