Which of the following exemplifies “featherbedding”?
a. Although only 20 work stations were operational, the union contract increased the
number of shift personnel to 25.
b. As a message of protest, union members walked out of the plant in response to
management’s recent directive.
c. During the day shift, union leadership regularly held impromptu informational
meetings with union members.
d. Union committee members and management negotiators planned for a long night at
the bargaining table.
a. Although only 20 work stations were operational, the union contract increased the
number of shift personnel to 25.
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If a firm can double output by doubling the size of its operation, it is subject to
a. economies of scale b. diseconomies of scale c. constant returns to scale d. increasing returns to scale e. diminishing returns to scale
Pork can be used to produce bacon or sausage, but not both. If the price of bacon rises for some reason, then, everything else equal,
a. the price of sausage will rise. b. the price of sausage will fall. c. the resources used in raising Pork will become more expensive. d. the resources used in raising Pork will become less expensive.
We might predict that Hawaii has a comparative advantage compared to Russia in the production of pineapples because Hawaii has:
A. a climate more suitable for pineapples. B. more advanced farming technology. C. more land available to grow them on. D. less governmental oversight in the pineapple industry.
The “cost disease of personal services” phenomenon helps explain why medical care has become so expensive.
Answer the following statement true (T) or false (F)