A closed shop is one in which
A. some members belong to the union while others do not.
B. a union is prohibited.
C. the union is a co-manager of the day-to-day operations of the firm.
D. belonging to a union is a condition of employment.
Answer: D
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In his concept of “the invisible hand,” Adam Smith explains that
A. if each person looks out for himself or herself, then chaos will inevitably ensue. B. the pursuit of self-interest promotes economic well-being for society as a whole. C. governmental rule actually results in greater good than is apparent at the time. D. traditional religion is an appropriate guide for human behavior. E. All of the responses are correct.
If there is an outward shift in U.S. demand for French goods, the result will be
A) a decrease in the dollar price of a euro. B) an inward shift in French demand for U.S. goods. C) a decrease in euros traded. D) an increase in the dollar price of a euro.
Which of the following forms of taxation accounts for the largest share of taxes received by state and local governments?
A) sales, excise, and gross receipts taxes B) personal and corporate income taxes C) license and permit fees D) property taxes
Refer to the information provided in Table 13.3 below to answer the question(s) that follow. Table 13.3Price ($)Quantity4.001003.502003.003002.504002.005001.506001.00700Refer to Table 13.3. If a monopoly faces the demand schedule given in the table and has a constant marginal and average cost of $1 per unit of providing the product, what is the level of output that would maximize its profits?
A. 200 B. 400 C. 500 D. 600