The CIO was formed as a(n)
A) closed shop.
B) association of industrial unions.
C) union shop.
D) bilateral monopoly.
Answer: B
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The result of British currency policy after World War I
A) left the country with painfully high interest rates and unemployment for years. B) left the country well positioned for the roaring twenties that followed. C) gave the country a tremendous advantage when the Smoot-Hawley Act was passed in the U.S. D) left the country at a tremendous disadvantage when the Smoot-Hawley Act was passed in the U.S.
Which of the following describes a situation in which demand must be inelastic?
a. Total revenue decreases by 10 percent when the price of jeans rises by 10 percent. b. Total revenue decreases by less than 10 percent when the price of jeans rises by 10 percent. c. Total revenue increases by more than 10 percent when the price of jeans rises by 10 percent. d. Total revenue decreases by $10 when the price of jeans rises by $10. e. Total revenue decreases by more than $10 when the price of jeans rises by $10.
Lucinda is a farm owner who believes the market price for her crops is insufficient to cover her expenses and make a worthwhile profit. Which government action on farm goods would Lucinda most likely support?
a. price decreases b. price ceilings c. price floors d. price maximums
Given two economic systems, A and B, if economy A has a comparative advantage in the production of widgets, then
A) the inputs necessary to produce widgets in economy A cost less than in economy B. B) economy A must give up less of all other goods to produce widgets than economy B. C) economy A is less efficient in the production of some goods than economy B. D) economy A would not benefit from the specialization of production.