Distinguish between a closed shop and a union shop. Are either or both shops legal? Explain
What will be an ideal response?
A closed shop is a situation in which a person must belong to the union before they can be hired while a union shop is one in which a nonunion worker must join the union after beginning employment. Closed shops are illegal in the United States, and union shops are illegal in states that have right-to-work laws.
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Resolution of dumping cases in the U.S. involve investigations by
A) the Justice Department and the International Trade Commission. B) the Justice and Commerce Departments. C) the Justice Department only. D) the Commerce Department and the International Trade Commission.
Which of the following is NOT true about marginal revenue?
A. It is a firm's marginal benefit. B. It is defined as the extra revenue generated by the production of one more unit. C. It can be expressed mathematically as MR = [R(Q - ?Q) - R(Q)]/?Q. D. It can be expressed mathematically as ?R/?Q.
From a Keynesian perspective, the way out of recession is to
A. Get consumers to spend more on goods and services. B. Get consumers to spend less on goods and services. C. Use monetary restraint. D. Wait for the economy to fix itself.
Industries that lobby public officials for favorable treatment, softer regulation, and or antitrust exemption are engaged in rent-seeking.
Answer the following statement true (T) or false (F)