A craft labor union is made up of
A) groups of workers in an individual trade.
B) all the workers in a firm such as General Motors.
C) firms that employ similar labor skills.
D) an organization that controls the labor market in a particular industry.
Answer: A
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The income elasticity of demand for food is roughly 1. A consumer's monthly income is $2,000, of which 20% is spent on food. If the income of this consumer doubles, the amount she'll spend on food will be
A. $800 per month. B. $1,000 per month. C. $500 per month. D. $400 per month.
The primary value of real GDP is its ability to measure year to year changes in
a. real output. b. income inequality. c. real social welfare. d. the general level of prices.
Which of the following is a characteristic of a natural monopoly?
a. Fixed costs are typically a small portion of total costs. b. Average total cost declines over large regions of output. c. The product sold is a natural resource such as diamonds or water. d. All of the above are correct.
If real GDP per person were equal to $2,000 in 1900 and grew at a one percent annual rate, what would be the value of real GDP per person 100 years later?
A. $2,210 B. $4,000 C. $20,000 D. $5,410