Which of the following is not a major reason for the decline of unionism in the U.S.?
A. Employment has shifted away from manufacturing towards services
B. Management has greatly intensified its opposition to unions
C. Consumer demand has shifted toward foreign manufactured goods and away from union-produced domestic goods
D. Nonunion firms continue to have poor working conditions
D. Nonunion firms continue to have poor working conditions
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The imposition of tariffs will help a nation attain which of the following goals?
A) decreased domestic consumer prices B) increased domestic employment C) increased amount and variety of goods available for consumers D) increased competition between domestic and foreign producers E) gains for domestic producers
Assume a perfectly competitive firm is in long-run equilibrium and there is a decrease in market demand for the firm's output. Which of the following will occur?
A) Existing firms will maintain the original level of output, but they will shift their cost functions down in the short run. B) Existing firms will raise price to cover the reduction in quantity demanded and maintain total revenue in the short run. C) Existing firms will reduce output in the short run. D) Market price will be above its original level.
When there is an excess quantity supplied
A) the market is in equilibrium. B) quantity demanded is greater than quantity supplied. C) quantity demanded is less than quantity supplied. D) prices will remain stable.
We do not add up the value of all intermediate goods produced in 2000 and record them as part of 2000 GDP
Indicate whether the statement is true or false