Collective bargaining refers to
a. the process by which the government sets exemptions from the minimum wage law.
b. setting the same wage for all employees to prevent conflict among workers.
c. firms colluding to set the wages of employees below equilibrium.
d. the process by which unions and firms agree on the terms of employment.
d
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Suppose this is a repeated game where the firms adopt a trigger strategy. What would the trigger strategy look like?
a. Charge low prices until he charges a high price, and then match b. Charge high prices until he charges a low price, then match c. Charge a high price till he charges a high price, then charge a low price d. Charge a low price till he charges a low price, then charge a high price
During periods of inflation:
a. everyone's real income rises. b. those people who have fixed incomes benefit. c. those people whose nominal income rises faster than the general price level benefit. d. those people who enter long-term wage agreements benefit. e. those people who hold a lot of cash benefit.
Scarcity is only a temporary problem that a society can solve by promoting economic growth.
Answer the following statement true (T) or false (F)
Assume that inventories declined by more than analysts predicted. This implies that
A) planned aggregate expenditure was less than real GDP. B) planned aggregate expenditure is unrelated to real GDP. C) planned aggregate expenditure was greater than real GDP. D) planned aggregate expenditure was equal to real GDP.