If a union is able to successfully lobby Congress to limit imports of rival products, and thus to raise the demand (and thus price) for the goods or services they make, then which of the following best describes the outcome?
A. The supply of labor will increase.
B. The demand for labor will increase.
C. The supply of labor will decrease.
D. The demand for labor will decrease.
Answer: B
You might also like to view...
To achieve faster growth, one possibility is to tax
A) consumption. B) saving. C) hiring. D) immigration.
For a firm to reduce competitive intensity, it should
a. Enact barrier to entry b. Lobby to the government c. Acquire patents d. All the above
Which of the following can serve as an entry barrier?
A. Legal restrictions B. Patents C. Control of scarce resources or inputs D. All of these responses are correct.
Time value of money refers to the idea that a specific amount of money:
A. Can be converted into other currencies in the foreign exchange market B. Is needed to purchase goods and services C. Is more valuable the sooner it is received D. Can buy less goods and services if inflation occurs over time