The unionization rate grew most rapidly in the United States between
A. 1935 and 1945.
B. 1980 and 1988.
C. 1950 and 1953.
D. 1880 and 1901.
Answer: A
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In the model of perfect competition, firms produce a
A) standardized product with considerable control over price. B) differentiated product with no control over price. C) differentiated product with considerable control over price. D). all of the above. E). none of the above.
The producer surplus from a good is equal to the
A) maximum amount a consumer is willing to pay for the good minus the price that actually must be paid summed over the quantity sold. B) actual price of the good minus the maximum amount a consumer is willing to pay for the good. C) opportunity cost of producing the good minus its price summed over the quantity sold. D) price of the good minus its opportunity cost of production summed over the quantity sold.
The marginal labor cost curve for a monopsonist
a. is equal to the supply curve of labor b. lies above the supply curve of labor c. lies below the supply curve of labor d. is affected by the fact that workers are less willing to work than under conditions of perfect competition e. is lower than the marginal revenue product of labor in equilibrium which assures the monopsonist a return to monopoly power
Suppose the savings rate is 15 percent. For every dollar the government collects in tax revenue and spends on public goods and infrastructure, the net result will be _____.
(A) An increase in total investment by 85 cents. (B) A decrease in total investment by 15 cents. (C) An increase in total investment by 15 cents. (D) No change in the total investment.