When a labor market fails to reach equilibrium, workers doing the same job can be paid different amounts
a. True
b. False
Indicate whether the statement is true or false
True
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Refer to Figure 19-5. Suppose the pegged exchange rate is $0.11/yuan. Because of safety concerns and numerous product recalls, U.S. consumers lower their demand for Chinese products. Using the figure above, this would
A) decrease the shortage of Chinese yuan. B) decrease the surplus of Chinese yuan. C) increase the surplus of Chinese yuan. D) increase the shortage of Chinese yuan.
The initial stage of the procedure in which a union and an employer negotiate over a contract is known as
a. featherbedding. b. collective bargaining. c. mediation. d. arbitration.
All of the following are reasons that trade between nations is beneficial EXCEPT
A. gains from trade. B. protection of domestic industries. C. gains from specialization. D. exchange of ideas.
For which of the following purchases would the absolute price elasticity of demand be smallest?
A) a sports car B) utilities C) chewing gum D) a cell phone