Collective bargaining refers to
A) negotiations between workers and health officials.
B) negotiations between management of a company and a labor union.
C) farming methods in Marxist states.
D) the process of electing union leaders.
B
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As opposed to general-equilibrium analysis, partial equilibrium analysis looks
A) at an equilibrium and changes to it in a single, isolated market. B) at how changes in one market effect other markets. C) at how equilibrium is determined in all markets simultaneously. D) at either price or quantity movements.
Something is called a barrier to entry only if it makes entry into an industry absolutely impossible
a. True b. False
The difference between the earnings of construction workers who work on bridges and skyscrapers and those who work on highways is probably due to
A. differences in education requirements. B. ability (mental) differences. C. a compensating differential. D. luck.
Which of the following is not a factor of production?
A. Six thousand acres of farmland. B. A bulldozer. C. $100,000 cash. D. A psychiatrist.