Translating the preferences of each individual into the preferences of the group is _____
a. a challenge faced only by clubs
b. a challenge faced by all collective decision making organizations
c. inherent in all decision making
d. a challenge faced only by government
b
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Refer to the figure above. What is the equilibrium wage rate if the labor demand curve is LD1 and the labor supply curve is LS1?
A) $25 B) $30 C) $20 D) $15
This chapter discussed the free-rider problem. Consider the following two situations in relation to the free-rider concept
a. The Taft-Hartley Act (1947) allows workers to be employed at a firm without joining the union at their workplace or paying membership fees to the union. This arrangement is known as an open shop. Considering that unions negotiate terms of employment and wages on behalf of all the workers at a firm, why do you think that most unions are opposed to open shops? b. For your business communication class, you are supposed to work on a group assignment in a team of six. You soon realize that a few of your team members do not contribute to the assignment but get the same grade as the rest of the team. If you were the professor, how would you redesign the incentive structure here to fix this problem?
If the marginal propensity to consume is 0.6, the marginal propensity to save is
A) 0.4. B) 0.6. C) 1. D) 1.5.
Exhibit 30-4
?
A. P3 - P1. B. P4 - P3. C. P3 - P2. D. P2 - P1.