Featherbedding means that
A) company management receives a cut from the collected union wages.
B) employers are force to hire apprentices.
C) employers are forced to hire more workers than they want to.
D) a union can join a sympathy strike.
Answer: C
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The longest and most severe recession in the United States since 1925 began in:
A. 1945. B. 1982. C. 1957. D. 1929.
The situation in the figure above creates a barrier to entry for a second firm because
i. a second firm that produced as many kilowatt-hours as the first firm would see the market price fall beneath its cost and would incur an economic loss. ii. a second firm that produced fewer kilowatt-hours than the first firm would have to charge a higher price and would not gain many customers. iii. the first firm's average total cost curve indicates it has been given a patent for the product. A) i only B) ii only C) iii only D) i and ii E) i and iii
If the percentage change in the quantity demanded of a good is greater than the percentage change in price, price elasticity of demand is:
A. elastic. B. inelastic. C. perfectly inelastic. D. perfectly elastic.
The inflation rate between last year and this year was 14 percent. The CPI was 118 this year. What was the CPI last year?
A) 104.0 B) 103.5 C) 104.5 D) 105.0 E) 103.0