What is featherbedding and why do unions engage in the practice?
What will be an ideal response?
Featherbedding is one of the approaches that labor unions use to increase the amount of labor required to produce a given quantity of output. Featherbedding occurs when union rules require more workers than necessary to perform a task. For example, requiring a minimum number of crew members regardless of the difficulty of the job is one type of featherbedding.
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Americans demand Japanese yen in order to
A) buy Japanese products. B) supply American goods in Japanese markets. C) allow the Japanese to buy U.S. products. D) balance the current account.
Only two states do not have state personal income taxes
a. True b. False
A firm will continue to produce additional output, as long as marginal revenue is greater than marginal cost.
a. true b. false
Refer to the data. If the marginal cost of producing this good at the optimal quantity is $4, the optimal quantity must be:
Answer the question on the basis of the following information for a public good. P a and P b are the prices that individuals A and B are willing to pay for the last unit of a public good, rather than do without it. These people are the only two members of society.
A. 1 unit.
B. 2 units.
C. 3 units.
D. 4 units.