Discuss the significant laws passed since the Great Depression that affect labor-management relations
What will be an ideal response?
The Taft-Hartley Act of 1947 allowed states to pass right-to-work laws and gave the president power to obtain an injunction that will stop a strike for an 80-day cooling-off period. It also made closed shops illegal, as well as jurisdictional disputes, sympathy strikes and secondary boycotts. A jurisdictional dispute involves two or more unions striking over which should have control. A sympathy strike is when one union strikes in sympathy with another union. A secondary boycott is a boycott of products sold by companies that are dealing with a company being struck.
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Firms engage in explicit collusion when:
A. they predict what the other will do and attempt to undercut them. B. they collude without communicating, sustaining a price above the noncooperative price that would arise in a single competitive interaction. C. they communicate to reach an agreement about the prices they will charge. D. they communicate what type of good they will produce.
Refer to Table 2.3. Assume that 2010 is the base year. Real GDP in 2007 is
A) $490.00. B) $568.00. C) $580.00. D) $671.00.
Stagflation is a period of time when the economy is experiencing:
a. inflation and low unemployment. b. high unemployment and low levels of inflation at the same time. c. high inflation and high unemployment at the same time. d. low inflation and low unemployment at the same time.
The expenditure multiplier indicates that
a. changes in investment, government, or consumption spending can trigger much larger changes in output. b. an increase in saving will cause output to rise by a multiple of the additional saving. c. a market economy will be more stable than classical economists thought. d. the marginal propensity to consume is greater than one.