Unions add costs to labor. Who ultimately absorbs the costs?
(a) The employer
(b) The union worker
(c) The unorganized laborer
(d) The consumer
(d)
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Inflation caused by continually decreasing short-run aggregate supply is
A) demand-pull inflation. B) demand-push inflation. C) cost-push inflation. D) cost-pull inflation.
Opportunity cost
A) can only be measured as a paid cost. B) is always the value of the next best forgone opportunity. C) does not exist since there are no receipts. D) is always the lowest valued alternative.
In the 1850s, the proportion of silver in the currency supply fell, and the proportion of gold rose. This is an illustration of :
a. the quantity theory of money. b. Gresham's law. c. Say's law. d. the Walrasian auctioneer. e. none of the above.
Regarding the causes of pollution, economists believe that:
a. the pricing system has failed. b. the public interest requires that pollution to be reduced below its market level. c. a firm pollutes the air and water because they are free. d. All of the above are correct.