Labor unions are groups of:
A. employees who petition the government to oversee the employment conditions of employees who work for major corporations.
B. employers who join together to create fair employment packages for employees within a certain geographical area.
C. employers who petition the government to regulate the safety conditions of certain industries.
D. employees who join together to bargain with their employer(s) over salaries and work conditions.
Answer: D
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Refer to Figure 3-8. The graph in this figure illustrates an initial competitive equilibrium in the market for motorcycles at the intersection of D1 and S1 (point A). If there is a surplus of motorcycles how will the equilibrium point change?
A) The equilibrium point will move from A to B. B) There will be no change in the equilibrium point. C) The equilibrium point will move from A to C. D) The equilibrium point will move from A to E.
When the U.S. decides to strengthen its border control, the labor market in California is affected. We would expect the:
A. demand for labor to decrease. B. supply of labor to decrease. C. demand of labor to increase. D. supply of labor to increase.
If Utopia opened itself to trade it would
A. export 100 cases of tile per year. B. export 450 cases of tile per year. C. import 250 cases of tile per year. D. import 150 cases of tile per year.
A government policy of providing free public education is an example of a policy to promote economic growth by:
A. increasing the availability of natural resources. B. increasing physical capital. C. improving technology. D. increasing human capital.