A labor union that consists of workers from a particular industry is a(n)
A) closed shop.
B) industrial union.
C) union shop.
D) bilateral monopoly.
B
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What does the Law of Diminishing Marginal Product state?
What will be an ideal response?
Government intervention in agriculture usually involves
A) price ceilings in order to keep food prices low. B) price ceilings in order to subsidize U.S. exports. C) price supports in order to keep farm incomes high. D) price supports in order to keep agricultural imports low.
If coal-burning electrical utility companies fully internalized pollution costs, then we could expect
A) an increase in electricity prices. B) a decrease in electricity prices. C) no change in electricity prices. D) a greater use of coal to produce electricity.
Suppose a permanent technological improvement raises labor's marginal productivity. Whether or not workers own capital, we can conclude that
a. the wage rate will rise. b. employment will fall. c. the supply of labor will rise. d. the demand for labor will fall.