The National Labor Relations Board
a. enforces antitrust laws against unions.
b. enforces workers' rights to unionize.
c. acts as a union's representative in collective bargaining.
d. is required to approve all collective bargaining agreements before they can be enforced.
b
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Suppose market demand is p = 10 - Q. Firms incur no cost of production. If firm A is the incumbent, can it deter the entry of its rival, firm B?
What will be an ideal response?
At a perfectly competitive firm’s short-run equilibrium level of output,
A. P = MR = MC. B. P = MR, but MR does not equal MC. C. P = MC, but MR does not equal MC. D. MR = MC and P < MR.
Annual income data would be a better index of economic inequality if
a. all households filed tax returns revealing their real income. b. households were more different with regard to age and size characteristics. c. all households were more similar with regard to size, age, education, and other major factors that are linked to income. d. mathematicians could grasp the complexities of the calculations.
A basic conclusion of Keynesian analysis is that
A. Small macro disturbances can lead to much larger macro problems. B. The economy self-adjusts to reach full employment and a stable price level. C. Equilibrium GDP is consistent with price level stability. D. Equilibrium GDP is consistent with full employment.