The primary difference between an American and European option is:
A) American options must be exercised on the expiration date
B) European options must be exercised on the expiration date
C) American options may be exercised at any point up until the expiration date
D) European options may be exercised at any point up until the expiration date
C
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The CBS news correspondent Bill Whitaker discussed the high level of unemployment among teens, especially during the summer months. In 2011, unemployment among the population as a whole was 9.1 percent, but among teens it was close to 24 percent
Many of these teens were hoping to get entry level jobs as small businesses. (Source: CBS news, June 4, 2011) A minimum wage set above the equilibrium wage rate is called A) a price floor. B) a price ceiling. C) quota. D) subsidy.
Unions can increase labor productivity by
A) maximizing the number of workers in the union. B) reducing the supply of workers over time. C) reducing conflicts between workers and management. D) reducing the quantity of poorly made imports into the country.
Suppose that a firm has only one variable input, labor, and firm output is zero when labor is zero. When the firm hires 6 workers the firm produces 90 units of output. Fixed costs of production are $6 and the variable cost per unit of labor is $10 . The marginal product of the seventh unit of labor is 4 . Given this information, what is the average total cost of production when the firm hires 7
workers? a. $10.06 b. $9.64 c. 81 cents d. 70 cents
________ is a union's attempt to withhold labor from a firm to halt production
a. Collective bargaining b. Binding arbitration c. Mediation d. Strike