A union shop is a
A. strike by a union in sympathy with another union's strike or cause.
B. business enterprise in which employees must belong to the union before they can be hired and must remain in the union after they are hired.
C. business which may hire nonunion members conditional on their joining the union by some specified date after employment begins.
D. dispute involving two or more unions over which should have control of a particular jurisdiction.
Answer: C
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If a 5 percent increase in the price results in a 9 percent increase in quantity supplied, the elasticity of supply is
A) 0.30. B) 0.55. C) 1.20. D) 1.80.
The practice of "monetizing the debt" is traditionally feared because it is thought to cause
A) unemployment. B) inflation. C) a falling price level. D) a liquidity trap.
Refer to the above table. How many workers will this firm hire if the weekly wage rate is $900?
A) 26 B) 27 C) 28 D) 29
Which of the following is not consistent with the basic postulate of economics that incentives matter?
a. Farmers produce fewer bushels of wheat in response to an increase in the price of wheat. b. A politician votes against a proposal because most of his constituents oppose it. c. People drive less because of higher gas prices. d. People buy more milk in response to a reduction in the price of milk.