If you get a job and are required to join the union within a month, this is known as a(n)
A. closed shop.
B. open shop.
C. agency shop.
D. union shop.
Answer: D
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On a diagram of a production possibilities frontier, opportunity cost is represented by the production possibilities frontier shifting outward
Indicate whether the statement is true or false
Fogel and Engerman (1974) find evidence to suggest that young slave children were often sold by profit-maximizing slave owners
Indicate whether the statement is true or false
Suppose the demand curve for aluminum cans is downward sloping, and the cans are produced in a constant cost industry where the firms are price takers. A $.25-per-can tax is levied on aluminum cans. How much will the price of aluminum cans increase in the short run and the long run?
a. short run, $.25; long run, more than $.25 b. short run, less than $.25; long run, $.25 c. short run, less than $.25; long run, more than $.25 d. short run, $.25; long run, less than $.25
If a firm is producing where MR < MC
A. the firm is already maximizing profits because revenue is being decreased by more than costs. B. the revenue gained by producing one more unit of output equals the cost incurred by doing so. C. the revenue gained by producing one more unit of output is less than the cost incurred by doing so. D. the revenue gained by producing one more unit of output exceeds the cost incurred by doing so.