In the early days of U.S. unionization, the Knights of Labor tried to
a. form unions that represented all workers in a single occupation
b. form unions that represented all workers in a single industry
c. organize labor across all skills, all industries, and all regions
d. give broad representation to less-skilled industrial workers
e. fight racial and sexual discrimination in the labor markets
C
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Refer to the graph shown. An effective price ceiling at Pc causes producer surplus to:
A. fall from areas A + B + E to area A. B. fall from areas C + D + F to area D. C. change from areas C + D + F to areas B + C + D. D. change from areas A + B + E to areas A + B + C.
According to the textbook, NAFTA was expected to help which country exploit its comparative advantage in the production of goods made by unskilled labor?
A. Cuba B. Mexico C. Canada D. The USA
When medical fee schedules are negotiated by two monopolists—one representing patients and one representing providers—the equilibrium medical fees will:
a. be less than fees determined by patient groups alone. b. be greater than fees determined by provider groups alone. c. depend on the relative bargaining strengths of the two groups negotiating the fee schedule. d. be less than fees determined in a competitive market. e. be greater than fees determined in a competitive market.
The classical school
A. was the dominant school of economic thought until the Great Depression. B. was the dominant school of economic thought after the Great Depression. C. believed that the economy was basically unstable. D. believed wages and prices were rigid downwards.