Distinguish between a closed shop and a union shop. Are either or both shops legal? Explain
What will be an ideal response?
A closed shop is a situation in which a person must belong to the union before they can be hired while a union shop is one in which a nonunion worker must join the union after beginning employment. Closed shops are illegal in the United States, and union shops are illegal in states that have right-to-work laws.
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Refer to Scenario 17.5. If a fixed wage of $3000 is given the individual worker, the result will be
A) low effort 75% of the time. B) low effort 25% of the time. C) low effort. D) high effort. E) high or low effort depending on whether the worker thinks the $3000 is an acceptable wage.
Global warming and biodiversity are examples of ______________ and must, therefore, be addressed by multiple nations rather than a single nation acting alone.
a. international externalities b. national vulnerabilities c. multinational exigencies d. protectionist values
The concept that economic growth can do more than just give us more goods and services goes back to Adam Smith
Indicate whether the statement is true or false
Answer the following statement(s) true (T) or false (F)
1. Consumers use bounded rationality to take shortcuts in mental processing. 2. Rules of thumb tend to make people less confident. 3. Framing occurs when consumers treat money differently depending on where they got it. 4. Anchoring occurs when people rely heavily on the first piece of information offered when making a purchase. 5. The traditional consumer choice model predicts and explains most consumer behavior quite well most of the time.