Which of the following describes a labor union in the furniture industry?
a. The Skills I class covered proper milling, planning, saw work, and joinery.
b. The group voted to accept a contract that raised hourly pay rates to $29.00.
c. Employees received discounts at the company’s tool and supply retail outlet.
d. The board voted to buy a rival table maker in an effort to gain market share.
b. The group voted to accept a contract that raised hourly pay rates to $29.00.
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Suppose a competitive firm pays a wage of $12 an hour and sells its product at $3 per unit. Assume that labor is the only input. If hiring another worker would increase output by five units per hour, then to maximize profits the firm should
A) hire the additional worker. B) lay off some of its workers. C) not change the number of workers it currently hires. D) There is not enough information to answer the question.
Which of the following is an example of contractionary fiscal policy?
A. Cutting spending B. Reducing taxes C. Increasing spending D. None of these
All of the following are examples of barriers to entry, except one. Which is the exception?
a. significant economies of scale b. reputation of established firms c. special deals with distributors d. excessive prices e. patents
Infrastructure development is not the problem in LDCs, the overriding issue is the low level of opportunity costs for development activity
Indicate whether the statement is true or false