A closed shop and a union shop differ primarily in that
a. nonunion workers can retain employment in a union shop, but not in a closed shop
b. nonunion workers can retain employment in a closed shop, but not in a union shop
c. union members are not permitted to work in a closed shop, and a worker must be a union member to work in a union shop
d. in a closed shop, workers must be union members before they are hired but not in a union shop
e. workers must first be union members to work in a union shop
D
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When Fred's income was $100 per week, 10 units of good X were demanded. Now his income is $150 per week and 12 units of good X are demanded. Using the percentage change formula, the income elasticity of demand for good X equals
A) 0.45. B) 0.40. C) 2.20. D) 2.50.
According to your text, nineteenth century economist Alfred Marshall believed that technical progress is best accomplished by
a. firms of considerable size that have the resources to engage in research and development b. universities where basic research is initiated c. curtailing competition so that firms will not lose money by experimenting in research and development d. the superior inventive force of a multitude of small competitive firms e. the government subsidizing research and development
If supply increases, the equilibrium price will rise and the equilibrium quantity will fall
a. True b. False Indicate whether the statement is true or false
The HO model predicts that once trade begins factor prices will equalize between countries. This result occurs because of the assumption of
A) identical technology sets available to each country. B) constant opportunity costs. C) one factor of production. D) free international mobility of factors.