Which term refers to a labor union and a firm negotiating over wages or benefits?
a. Collective bargaining
b. Mediation
c. Arbitration
d. Cooperative bargaining
a. Collective bargaining
Collective bargaining occurs when a labor union and a firm engage in negotiations.
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The price of a pound of sirloin steak is five times the price of a pound of ground beef. You are not in consumer equilibrium unless: a. you consume five times as much ground beef as you do sirloin steak
b. you consume five times as much sirloin steak as you do ground beef. c. the total utility you derive from consuming sirloin steak is five times the total utility you derive from consuming ground beef. d. your marginal utility from the last pound of sirloin steak consumed is five times that of the last pound of ground beef consumed.
Which of the following statements about rates of return is most likely correct?
a. Countries with relatively low real rates of return (for example, low interest rates) will tend to experience weaker currencies as they attract money from abroad. b. Countries with relatively high real rates of return (for example, high interest rates) will tend to experience weaker currencies as they attract money from abroad. c. Countries with relatively low real rates of return (for example, low interest rates) will tend to experience stronger currencies as they attract money from abroad. d. Countries with relatively high real rates of return (for example, high interest rates) will tend to experience stronger currencies as they attract money from abroad.
In most societies, resources are allocated by
a. a single central planner. b. a small number of central planners. c. those firms that use resources to provide goods and services. d. the combined actions of millions of households and firms.
A contractionary fiscal policy
I. decreases a government budget deficit or increases a government budget surplus. II. includes tax cuts. III. may include discretionary cuts in transfer payments. A) I, II, and III B) I and II only C) I and III only D) II and III only