In the 1950s, about ________ of U.S. workers were in unions.
A. 3/4
B. 1/4
C. 1/2
D. 1/3
Answer: D
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Limitations of bargaining include:
A. contracts may not need enforcing. B. property rights might be assigned in the wrong way. C. if the parties have too much information, bargaining may be unnecessary. D. None of these is correct.
A positive-sum game occurs:
A. when the sum of the two firms' outcomes is positive. B. whenever any of the values in the payoff matrix are positive. C. when the gains received by one player are exactly offset by the losses to the other. D. whenever the payoffs to the two players are equal.
The imposition of a tax on a good enables the government to
A) raise the price received by sellers of the goods that have been taxed. B) lower the price paid by buyers for the goods that have been taxed. C) create a more efficient economic system. D) take part of consumer and producer surplus as tax revenue when the good is purchased. E) decrease the deadweight loss in this market.
At a price of $10 in the above figure, there is
A) a surplus of 200 units. B) a shortage of 200 units. C) a surplus of 400 units. D) a shortage of 400 units.