The decline in unionization can be explained by all of the following except
A. Increased global competition.
B. A relative decline in manufacturing.
C. Increased worldwide investment barriers.
D. Downsizing of major corporations.
Answer: C
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In the Classical model, the aggregate supply curve determines the
A) price level. B) inflation rate. C) level of output. D) money supply.
Which of the following statements is NOT true during the colonial years, according to Hughes and Cain (2011)?
(a) Labor organizations were considered, by law, criminal conspiracies against society. (b) Colonial society provided for its aged and sick poor; others had to work. (c) Efforts to control wages and prices by governmental authority were present. (d) Compulsory labor applied only to slaves and indentured servants. (e) Idle persons were frequently jailed for the crime of having no visible means of support.
In a bilateral monopoly with one buyer and one seller, the monopoly power of the seller and the monopsony power of the buyer tend to:
A) reinforce one another. B) counter-act one another. C) favor the buyer. D) favor the seller.
Shelly purchases a leather purse for $400. One can infer that:
A. her reservation price was exactly $400. B. she paid too much. C. her reservation price was less than $400. D. her reservation price was at least $400.