Which of the following is not correct?
a. An organized withdrawal of labor from a firm by a union is called a strike.
b. The power of a union comes from its ability to strike if the union and the firm do not agree on the terms of employment.
c. Economists who study the effects of unions typically find that union workers earn about 25 to 35 percent more than similar workers who do not belong to unions.
d. Workers in unions reap the benefit of collective bargaining, while workers not in unions bear some of the cost.
c
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How might Gap take advantage of economies of scale by combining concept stores into one store?
What will be an ideal response?
The market wage rate for a car mechanic is $30 per week. Peter, who owns a garage, is in urgent need of a mechanic to head his existing employees. He is willing to hire Alex and pay $8 extra in order to make sure that Alex puts in his best efforts. If Alex accepts the job, which of the following statements will be true?
a. There is no disutility of hard work for Alex as his pay exceeds the market wage rate. b. Alex has no incentive to put in his best efforts on this job. c. Alex's disutility of extra effort in this new job is less than the utility from extra pay. d. Peter's benefit from hiring Alex will be limited as he is paying above the market wage rate.
If the actual price level exceeds the expected price level reflected in long-term contracts,
a. firms will find production more profitable than they had expected and will decrease the quantity of output supplied b. firms will find production less profitable than they had expected and will decrease the quantity of output supplied c. firms will find production less profitable than they had expected and will increase the quantity of output supplied d. unemployment will decrease
Suppose the government finds a major defect in one of a company's products and demands that the product be taken off the market. We would expect that the
a. supply of existing shares of the stock and the price will both rise. b. supply of existing shares of the stock and the price will both fall. c. demand for existing shares of the stock and the price will both rise. d. demand for existing shares of the stock and the price will both fall.