Which statement is true about labor unions in the United States?
A. Unions have not always been very popular.
B. They did not gain widespread acceptance until the 1940s.
C. The U.S. has a lower percentage of its work force unionized than most other industrial nations.
D. All of the choices are true of labor unions in the U.S.
D. All of the choices are true of labor unions in the U.S.
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A cost of aggregation is that:
A. broad economic trends are obscured B. details about individual households and firms are lost C. economy-wide totals cannot be obtained D. the "big picture" cannot be studied
If a firm has implicit costs as well as explicit costs,
A) accounting profit will be zero. B) net income will always be greater than accounting profit. C) net income will always be less than accounting profit. D) economic profit will be less than accounting profit.
The four specific sources of market failure are
A. Private goods, market power, externalities, and inequity. B. Public goods, market power, externalities, and inequity. C. Private goods, market goods, externalities, and inequity. D. Public goods, market goods, externalities, and inequity.
To get the U.S. Senate to pass a farm bill, a U.S. Senator from a farm state asks for the support of a U.S. Senator from an urban state. The urban state Senator agrees to support the bill, if in return the farm state Senator supports a bill for a mass transit project. This situation is an example of:
A. The paradox of voting B. Rent-seeking behavior C. Political logrolling D. The median voter model