If an employer can hire nonunion workers, but these workers must join the union within a certain period of time, the workplace is called a(n)
a. closed shop
b. collective shop
c. agency shop
d. union shop
e. open shop
D
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Inflation ________ the signals sent by price changes to demanders and suppliers of goods and services.
A. has no impact on B. amplifies C. enhances D. obscures
Firms in perfect competition are price takers because:
a. all small firms must take the price set by the largest firm in the market b. firms take the price that government determines is a "fair" price c. each firm is too small relative to the market to be able to influence price d. free entry and exit in the short run creates a constant market price in the long run e. high barriers to entry force firms to compete by charging lower prices than other firms in the industry
Refer to Figure 7.1. At output level Q1
A) marginal cost is falling. B) average total cost is falling. C) average variable cost is less than average fixed cost. D) marginal cost is less than average total cost. E) all of the above
By holding highly liquid assets to guard against sudden large withdrawals, banks: a. sacrifice safety
b. sacrifice profitability. c. increase profitability. d. diversify their portfolio. e. earn more interest than they could on business loans.