The practice of featherbedding is intended to help unions:
A. reduce the tradeoff between higher wages and fewer jobs.
B. negotiate for higher wages by assuring more efficient labor practices.
C. increase membership by guaranteeing job growth.
D. defeat "right-to-work" laws.
Answer: A
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Which of the following can result in job rationing?
i. minimum wage ii. union wage iii. diminishing returns A) i, ii, and iii B) i and ii C) iii only D) i only E) ii only
Suppose a decrease in the supply of bottled water results in a decrease in revenue. This indicates that
A) the supply of bottled water is elastic in the price range considered. B) the supply of bottled water is inelastic in the price range considered. C) the demand for bottled water is inelastic in the price range considered. D) the demand for bottled water is elastic in the price range considered.
Suppose the marginal utilities for the first three cans of soda are 100, 80, and 60, respectively. The total utility received from consuming 2 cans is
A) 20. B) 80. C) 90. D) 180.
Which one of the following would shift your consumption function in an upward direction?
A) an increase in your wealth B) a decrease in your wealth C) an increase in your real disposable income D) a decrease in your real disposable income