The merger in 1955 joined the
a. Teamsters and the Automobile Workers
b. Coal Miners and the Government Workers Union
c. American Federation of Labor and the Congress of Industrial Organization
d. Knights of Labor and the American Federation of Labor
e. Cigar Maker's Union and the Congress of Industrial Organization
C
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If total variable cost exceeds total revenue at all output levels, a perfectly competitive firm
A) has covered its fixed cost. B) should produce in the short run. C) should shut down in the short run. D) is making short-run profits.
In reference to welfare recipients, the high effective marginal tax rate on earnings
a. encourages self-sufficiency b. encourages more labor market activity c. discourages employment d. increases total family income if the marginal tax rate exceeds 100 percent e. tends to increase welfare benefits as more income is earned up to the "means-test" threshold
To decrease the nation's money supply, the Fed can:
A. decrease the reserve requirement. B. buy bonds. C. decrease the discount rate. D. increase the discount rate.
If 9 units of labor will be supplied if the wage rate is $12 and 10 units of labor will be supplied if the wage rate is $14, then the marginal factor cost for the tenth unit of labor is
A. $12. B. between $12 and $14. C. more than $14. D. less than $12.