The Pullman strike of 1894
a. resulted in management's agreement to negotiate with the labor union.
b. received widespread support from the American public.
c. was led by Eugene V. Debs.
d. became a model for later attempts by unions peacefully organize.
e. All of the above.
c. was led by Eugene V. Debs.
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Which of the following displays these two characteristics: rivalry and nonexcludability?
A) a common resource B) a private good C) a public good D) a quasi-public good
If the market price of a good does NOT include all of the costs and benefits that arise from the production or consumption of the good, then
A) the market is perfectly competitive. B) an externality is present. C) society is consuming and producing the optimal amount of the good. D) resources are properly allocated.
Hanak Products, a perfectly competitive firm, is experiencing profitability. Given this information, what will Hanak Products do?
a. In the short run, the firm will improve product quality. b. In the long run, the firm will create quality controls. c. In the short run, the firm will reduce its staff size. d. In the long run, the firm will increase production.
Barter
A. Makes market transactions easier and less time-consuming. B. Is the direct exchange of one good for another. C. Is considered to be an efficient process for an economy. D. Requires that gold be used to assess value.