Labor unions that consist of workers from a particular industry, such as automobile manufacturing, are called
A) craft unions.
B) industrial unions.
C) collective unions.
D) closed unions.
B
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Flexible exchange rates exist when
A) no one knows what the true value of a currency is. B) governments and central banks spend foreign reserves to prop up an exchange rate at a certain level. C) exchange rates are determined by forces of supply and demand. D) speculators bet that a currency will soon be depreciated.
When the demand for housing slumps, carpenters might expect their incomes to fall
a. True b. False
The infant industry argument
a. is that governments should protect all industries for the first five years of existence b. is that governments should protect a new industry until it can "stand on its own feet" c. defends quotas on products produced by infant industries abroad d. has been used to justify protection of strategically important industries e. explains why some less developed countries export raw materials
Which of the following is true at the point where diminishing returns set in?
A. Both marginal product and marginal cost are at a maximum. B. Both marginal product and marginal cost are at a minimum. C. Marginal product is at a maximum and marginal cost at a minimum. D. Marginal product is at a minimum and marginal cost at a maximum.