A union evaluates job offers based on the
A. Impact on the wage rate for all union members.
B. Location of the work, either in the private or public sector.
C. Individual interests of its members.
D. Collective interests of its members.
Answer: D
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The U.S. financed WWI primarily by:
a. increasing personal income taxes. b. increasing corporate taxes and luxury taxes. c. borrowing from the public. d. printing new money.
In order for a natural monopoly to develop, it
A. is important that the firm be very large. B. is important that the firm prices its product below cost. C. is not the absolute size of the firm but its size relative to the total market demand that is important. D. must be in the presence of government intervention.
A quota is a:
a. tax on a specific quantity of imported goods. b. limited number of foreign firms that can sell imported goods. c. restrictive health and safety standard that raises costs. d. tax on domestic producers so that they can make higher profits. e. limit on the quantity of a good that can be imported.
Which of the following is true about monopolistic competition?
A) One firm serves as the entire industry. B) A small number of firms serve the entire market. C) It is competition among many firms producing similar but differentiated products. D) Firms do not have economies of scale.