Right-to-work laws give
A. the firm the right to permanently fire anyone who strikes.
B. workers the right to be represented by a union.
C. a nonunion worker the right to enjoy union benefits without paying union dues.
D. firms the right to hire replacement labor when the union strikes.
E. workers the right to not join a union.
Answer: E
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Marginal revenue product is the
A. additional revenue from one additional dollar increase in price. B. change in the revenue product resulting from one additional unit of input. C. additional revenue from one additional unit of input. D. change in revenue resulting in one additional dollar in price.
Which of the following is an important assumption about the labor market that is shared by both the original Keynesian model and the Friedman "Fooling Model?"
A) The supply of labor depends on expected real wages. B) The demand for labor is a function of nominal wages. C) Workers can be "off" their labor supply function in the short-run equilibrium. D) Firms can be "off" their labor demand function in the short-run equilibrium.
In the open-economy macroeconomic model, the amount of net capital outflow represents the quantity of dollars
a. supplied for the purpose of selling assets domestically. b. supplied for the purpose of buying foreign assets. c. demanded for the purpose of buying U.S. net exports of goods and services. d. demanded for the purpose of importing foreign goods and services.
Which of the following is true?
A) Entrepreneurs are under-represented among millionaires. B) All of the above are true. C) The parents of successful entrepreneurs almost always have at least a college education. D) Successful entrepreneurs are good at discovering profitable opportunities that have been overlooked by others.