In the collective bargaining process,
A. supply and demand analysis is used to determine the wage.
B. the contract can legally cover only the wage or salary determined.
C. there is often heated discussion with threats of strikes and counterthreats of lockout.
D. the negotiation period is limited to 30 days.
Answer: C
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When the price level in the United States falls relative to the price level of other countries, ________ will fall, ________ will rise, and ________ will rise
A) exports; imports; net exports B) net exports; imports; exports C) net exports; exports; imports D) imports; exports; net exports
Suppose that the only maker of a particular type of horse hair clothing exits the industry because demand is too low. The correct analysis of this situation is that
a. the producer's decision is irrational, since monopolies are not limited by the demand curve b. the producer's decision is irrational, since monopolies never go out of business c. the producer's decision is irrational, since it could simply raise the price d. the price received by the producer was lower than the marginal cost in the long run e. the price received by the producer was lower than the average total cost in the long run
When competition is present and property rights secure, people will be encouraged to
a. plunder the resources of others. b. pay the lowest possible wages. c. provide others with things that they value in exchange for income. d. Invest in other countries where markets are less competitive and property rights less secure.
Which of the following is not a public good?
A. A coastal lighthouse B. National defense C. A flood-control levee D. The latest Walt Disney movie