The welders' union at Ajax is on strike. The maintenance union has decided to walk out in support of the welders' union. This is known as
A) a closed shop.
B) a union shop.
C) a sympathy strike.
D) a secondary boycott.
Answer: C
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A good is rival in consumption if:
a. the supplier of that good can prevent people who do not pay from consuming it. b. the supplier of that good cannot prevent people who do not pay from consuming it. c. the same unit of the good cannot be consumed by more than one person at the same time. d. there is no free-rider problem.
The price of silver increases from $10 per ounce to $15 per ounce while the price of gold increases from $300 per ounce to $310. In this situation, the price of silver relative to the price of gold has
a. fallen. b. risen. c. remained the same. d. cannot be determined given the information provided.
An "endowment" is something whose value is unknown. ?
Answer the following statement true (T) or false (F)
When production creates external costs greater than external benefits, a market is:
A. producing a socially optimal quantity of the product. B. allocating too few resources to production of the product. C. allocating too many resources to production of the product. D. not producing the product without government intervention.