The attempt to force employers to use more labor than they otherwise would, or to force employers to use labor inefficiently, is known as
A) a secondary boycott.
B) a sympathy strike.
C) a monopsony.
D) featherbedding.
D
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High Tech, Inc. produces plastic chairs that sell for $10 each. The following table provides information about how many plastic chairs can be produced per hour. Number of WorkersChairs Produced Per Hour00110218324428530For simplicity, assume that labor is the only input. How many workers will be hired if the hourly wage for workers is $70?
A. 3 B. 4 C. 1 D. 2
The size of a country's "economic pie" is thought of as the total dollar value of all goods and services produced during some period of time. The economic pie
a. is a fixed total waiting to be divided up among people. b. determines how much wealth an individual can obtain. c. is variable, not fixed, across time periods. d. depends solely upon the natural resources of a country.
The forces of supply and demand assure that
a. demand curves and supply curves tend to shift to the right as time goes by. b. the price of a good will eventually rise in response to an excess demand for that good. c. when the supply curve for a good shifts, the demand curve for that good shifts in response. d. the equilibrium price of a good will be rising more often than it will be falling.
Suppose a U.S. firm purchases some English china. The china costs 1,000 British pounds. At the exchange rate of $1. 45 = 1 pound, the dollar price of the china is
A. $1,450. B. $250. C. $690. D. $2,000.