The Congress of Industrial Organizations (CIO) was formed in 1938 by
A) John L. Lewis.
B) Samuel Gompers.
C) Walter Reuther.
D) Ralph Nader.
A
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Net revenue is defined as
A) marginal revenue minus marginal cost. B) total revenue minus marginal cost. C) total revenue minus total cost. D) gross revenue minus depreciation.
When individuals are unemployed because they lack the qualifications to fill available jobs, this is called:
a. frictional unemployment. b. natural unemployment. c. cyclical unemployment. d. structural unemployment.
Exhibit 7-15 Long-run average cost
In Exhibit 7-15, economies of scale exist up to:
A. 500 units of output per week. B. 1,000 units of output per week. C. 1,500 units of output. D. 2,000 units of output.
In 1984, the National Minimum Drinking Age Act was passed, raising the legal age to consume alcoholic beverages in the United States to 21. In much of Europe, the legal age to consume alcohol is 18. If the legal drinking age in the United States was
changed back to 18, how would this affect the market for alcoholic beverages? What would happen to the equilibrium price and quantity of alcoholic beverages? What will be an ideal response?