What is a union shop, and what is its purpose?
What will be an ideal response?
A union shop is an employment situation in which all workers must join the union within a certain time period after being employed. Unions must exercise some control over the supply of labor in order to maintain the above market equilibrium union wages. The union shop ensures that the union represents all the workers and that those individual workers will not compete against the union by offering their labor at below union wage rates.
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At any quantity of output above the intersection of the marginal revenue and marginal cost curves:
A. MR is lower than MC. B. profits are being maximized. C. ATC equal to AVC. D. MR is higher than MC.
Comparing how many dollars it takes to attend college each year to annual earnings on a job represents the use of money as a:
a. medium of exchange. b. unit of account. c. store of value. d. store of coincidence.
The rule of thumb for a government deciding whether to provide a public good is that the: a. marginal cost of the good should be less than the marginal benefit
b. opportunity cost of the good should be greater than the marginal benefit. c. sunk cost of the good should be equal to the marginal benefit. d. variable cost of the good should be greater than the sunk cost.
Export promotion policies try to encourage firms to produce more of the products for which the country has a comparative advantage.
Answer the following statement true (T) or false (F)