Which of the following refers to the process by which unions negotiate their wages and benefits?
a. collective bargaining
b. efficiency wage modelling
c. minimum wage setting
d. wage-rate determination
a. collective bargaining
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Describe the choices that consumers make and explain why consumers are efficient on the market demand curve
What will be an ideal response?
Scarcity: a. exists in command economies
b. exists in market economies. c. exists only for the poor in any type of economy. d. (a) and (b) above are correct
If the demand curve facing a monopolist shifts, then the monopolist's:
A. marginal revenue curve and profit-maximizing level of output will change. B. marginal revenue curve will change, but its profit-maximizing level of output will not. C. marginal revenue curve will not change, but its profit-maximizing level of output will. D. total cost curve will change, but its variable cost curve will not.
The best case scenario for fiscal policy is during a:
A. boom caused by an aggregate demand shock. B. recession caused by an aggregate demand shock. C. boom caused by a real shock. D. recession caused by a real shock.