What is a labor union?
a. a group of workers that forms a collective to assume ownership of a company
b. a governing board that oversees hiring and promotions at large manufacturers
c. a partnership between the owners of the means of production and the workers
d. a workers’ organization formed to negotiate fair pay and safer working conditions
d. a workers’ organization formed to negotiate fair pay and safer working conditions
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In 1981, in San Francisco Solano, Argentina, about 1,800 families took over a piece of wasteland. The government was able to deed 60 percent of this land to some families while the remaining part could not be deeded. The resulting houses varied greatly, based on whether the residents received title. Those who received title also behaved differently, having fewer children, and the children
experienced more education and better health. This is an example of the results from: a. scarcity. b. economic growth. c. economic freedom. d. private property rights. e. improved quality of life.
In the above figure, if the relevant aggregate demand curve is AD2, what type of gap exists and how large is it?
A. inflationary gap of $500 billion B. recessionary gap of $1 trillion C. recessionary gap of $500 billion D. inflationary gap of $1 trillion
Assume that the marginal cost of producing steel does not include the cost of the damage to the environment as a result of pollution. By producing where P = MC, the firm will be producing
A. more than the efficient amount of steel. B. less than the efficient amount of steel. C. the efficient amount of steel. D. a zero quantity of steel.
When central bankers are acting preemptively they are:
A. aggressively trying to hit a zero inflation target. B. usually focused on reducing expansionary gaps. C. letting markets work and taking a wait and see approach. D. taking bold steps to stabilize the economy.