A closed shop is a business enterprise in which
A) employees cannot belong to a union when they are employed, and cannot join a union and keep working there.
B) employees must join the union to maintain employment.
C) employees must belong to the union before they can be employed.
D) employees cannot belong to the union when they are hired, but may join the union later and keep their jobs.
Answer: C
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To reduce the federal funds rate, the Fed can ________.
A. increase the discount rate B. sell government bonds to commercial banks C. buy government bonds from the public D. increase the reserve ratio
The short run is
A) usually 3 - 6 months. B) dependent on the characteristics of the industry. C) when a firm has to decide whether or not to exit. D) identical to the long run for most firms.
The consumer price index (CPI) includes only a market basket of goods and services purchased by the typical urban consumer
a. True b. False Indicate whether the statement is true or false
At a price of $1.00, a local coffee shop is willing to supply 100 cinnamon rolls per day. At a price of $1.20, the coffee shop would be willing to supply 150 cinnamon rolls per day. Using the midpoint method, the price elasticity of supply is about
a. 0.45 b. 0.90 c. 1.11 d. 2.20