A right-to-work law is
A. a state law making the union shop illegal.
B. a state law making the open shop illegal.
C. a federal law making the union shop illegal.
D. a federal law making the closed shop illegal.
Answer: A
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Explain how it is possible for a recently retired postal worker to be more wealthy than a rookie professional football player even though it is widely recognized that football players earn more than postal workers
What will be an ideal response?
Refer to Figure 16-3. Suppose Chantal practices price discrimination. Which of the following statements is true?
A) By charging different prices in markets A and B, Chantal can transfer some producer surplus into economic profit. B) Chantal's profits will be higher if she has uniform pricing instead of different prices for different groups of customers. C) By charging a higher price in market B, Chantal has transferred some of the consumer surplus from customers in market B to customers in market A. D) By charging a higher price in market B, Chantal can convert some consumer surplus into economic profit.
Comparative advantage implies that you
A) can produce more units of a good or service than another. B) can produce a good or service at a lower opportunity cost. C) can produce goods with more capital resources. D) can produce goods with more human resources.
By how much does the real, bilateral exchange rate change when the nominal, bilateral exchange rate changes from $1.10/€ to $1.00/€, the U.S. tradable basket from $500 to $600 and the Euro-Area tradable basket from €550 to €580?
a. The real exchange rate rises approximately by 18%. b. The real exchange rate rises approximately by 20%. c. The real exchange rate rises approximately by 3% d. The real exchange rate falls approximately by 3% e. The real exchange rate falls approximately by 20%