To represent a worker, a union must
a. simply receive the worker's permission
b. receive a unanimous approval in an election
c. receive a majority of the workers' votes in an election
d. receive at least two-thirds of the workers' votes in an election
e. receive the permission of the employer
C
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Which of the following would make a reasonable hypothesis to test?
A) Rising inflation is bad for the U.S. economy. B) An inflation rate above 4% is dangerous for the British economy. C) As interest rates increase, eventually the inflation rate will decline. D) Increases in inflation are worse for the U.S. economy than are increases in public sector borrowing.
Equity and efficiency can be achieved simultaneously through competition
Indicate whether the statement is true or false
Which of the following is an example of a cartel?
a. AFL-CIO b. OPEC c. United Auto Workers Union d. NATO e. Organization of American States
Adam Smith in The Wealth of Nations argued that
A. the social order needs the guidance of the government's visible hand. B. society works best when people act in their own interest. C. society works best when people act unselfishly. D. society works best when people act as if they were invisible to others.