To negotiate a higher wage rate, a union cannot
a. start with a strike and then work to reach a contract to end the strike
b. negotiate in good faith and expect to hold its bargaining power
c. negotiate without consulting other unions
d. offer a supply curve of labor that is vertical
e. offer a supply curve of labor that is horizontal
D
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The U.S. used high-pressure steam engines, whereas the British favored low-pressure engines. The reason for the American preference for high-pressure steam engines was that
(a) low-pressure steam engines, though more efficient, were complicated to build and operate and America lacked skilled labor compared to England. (b) the high-pressure steam engines used extravagant amounts of wood fuel. The U.S. abundance of wood compared to Europe made building high-pressure steam engines cheaper in the U.S. (c) Americans simply lagged behind technologically compared to England and continued to use the outdated high-pressure steam engines. (d) England had patents on the superior low-pressure steam engine and would not allow other nations to use the technology.
Economic growth measured in terms of an increase in per capita real GDP is a good measure of _____
a. the average citizen's standard of living in a nation b. the quality of labor in a nation c. the distribution of income in a nation d. the quality of life people experience in a nation e. economic activity in a nation
Jacob is torn between two jobs, grounds keeper and street repair. He is indifferent between the two jobs even though the street repair job pays $25 more per hour. This must mean that
a. grounds keeper is a less attractive job b. grounds keeper enjoys a compensating wage differential of $25 c. the demand for street repairmen is greater d. street repair enjoys a compensating wage differential of $25 e. the demand for grounds keepers is greater
The presence of excess reserves does not change how much money the banking system actually creates
Indicate whether the statement is true or false