Featherbedding is the term for
A) any practice that forces employers to use more labor than they would otherwise.
B) training programs initiated by unions to make their less-skilled members more productive.
C) the practice of trying to recruit union members among public employees.
D) attempts by management to eliminate a union.
Answer: A
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In the 2-factor, 2 good Heckscher-Ohlin model, the production possibility frontier is kinked when
A) there is no factor substitution in production. B) the opportunity cost of production is constant. C) there are unemployed factor resources. D) a country does not engage in trade. E) transportation costs are very high.
In the efficiency wage model, if the real wage is higher than the market-clearing wage so that there is an excess supply of labor
A) firms will hire new workers at lower wages. B) firms will replace high-paid workers with low-paid, formerly unemployed workers. C) employers will not hire workers who are willing to work for a lower wage. D) firms will demand a higher level of effort from existing employees.
How did securitization and the bursting of the housing bubble contribute to the Financial Crisis of 2007-2009?
What will be an ideal response?
Suppose the Fed conducts an open market sale. We can expect this transaction to
A) reduce the money supply, increase bond prices, and lower interest rates. B) increase the money supply, lower bond prices, and lower interest rates. C) increase the money supply, raise bond prices, and lower interest rates. D) reduce the money supply, reduce bond prices, and increase interest rates.