The old industrial unions are being supplanted by
A. Private sector unions.
B. Unions of service workers.
C. Union shops.
D. Craft unions.
Answer: B
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The self-correcting tendency of the economy means that rising inflation eventually eliminates:
A. unemployment. B. exogenous spending. C. recessionary gaps. D. expansionary gaps.
Someone who values a lottery at its expected value is
a. A risk lover b. Risk neutral c. Risk averse d. most likely to play a lottery
Refer to the graphs shown. If quantity supplied is a fixed amount that does not vary with price, then the supply curve looks like:
A. I. B. II. C. III. D. IV.
The relationship between the marginal product of labor (MP), the product price (P), and marginal revenue product of labor (MRP) in a perfectly competitive market is
a. MP = P x MRP b. MP = MRP / P c. MRP = P + MP d. MRP = P / MP e. MP = P + MRP