Right-to-work laws
A. make it illegal for a state to pass any laws regarding union membership.
B. make it illegal to require a union member to work abroad.
C. make it illegal to require union membership as a condition of continuing employment in a particular firm.
D. make a closed shop arrangement a legal condition that allows employees to obtain a particular job.
Answer: C
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How does a change in quantity supplied differ from a change in supply?
A) A change in quantity supplied shifts the supply curve; a change in supply is a movement along the curve. B) A change in one of the ceteris paribus conditions affects quantity supplied, not supply. C) A change in the price affects quantity supplied, not supply. D) There is no difference.
An incentive is:
A. the marginal cost of engaging in a course of action. B. the marginal benefit of engaging in a course of action. C. something that causes people to behave in a certain way by changing trade-offs they face. D. rational behavior that involves thinking on the margin.
The largest U.S. welfare program is
a. Aid to Families with Dependent Children b. Medicaid c. Social Security d. unemployment compensation e. food stamps
The school that argues that through tax reductions, spending cuts, and deregulation, government creates the proper incentives for the private sector to increase aggregate supply is known as the
a. rational expectations school b. neo-Keynesian school c. school of supply-side economics d. new Classical school e. classical school