A situation in which union membership is required before a person can be hired is a
A) closed shop.
B) union shop.
C) agency shop.
D) restricted shop.
Answer: A
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By the early sixteenth century, the center of wealth and commerce of Europe had shifted:
a. from the Baltic to the Mediterranean. b. from the Mediterranean to the Atlantic. c. from Italy to North Africa. d. from France to Africa.
If the government imposes price controls and prevents prices from adjusting naturally to supply and demand, a. it equates the amount buyers are willing and able to buy with the amount sellers are willing and able to supply. b. it adversely affects the allocation of resources
c. it improves both equality and efficiency. d. it improves efficiency.
Human capital is defined as the
A. Dollar value of all the stocks and bonds an individual owns. B. Knowledge and skills workers possess. C. Amount of machinery, factories, and buildings an individual owns. D. None of the choices are correct.
A monopoly earns total revenue of $5,000 when it sells 500 units of output and total revenue of $5,400 when it sells 600 units of output. Thus, the marginal revenue of the 600th unit is $9.
Answer the following statement true (T) or false (F)