Negotiations between the management of a company and the management of a union for the purpose of setting a mutually agreeable contract on wages, fringe benefits and working conditions for all employees in a union is know as
A) a closed shop.
B) a union shop.
C) collective bargaining.
D) an industrial union.
Answer: C
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The price of a given basket of goods in Year 1 was $1,300. The price of the same basket of goods in Year 2 was $1,560. The consumer price index for Year 2 taking Year 1 as the base year is ________
A) 120 B) 156 C) 100 D) 101
A straight-line Lorenz curve shows
A) an equal distribution of money income. B) a greater than proportionate share of income going to middle-income households. C) a high incidence of absolute poverty. D) a highly unequal distribution of income.
Accounting profit is equal to
A) total revenue minus dividends and interest. B) dividends paid. C) total revenue minus implicit costs. D) total revenue minus explicit costs.
The idea of insurance
a. would not appeal to a risk-averse person. b. is, other things the same, to reduce the probability of a fire, accident, or death. c. is to share risk. d. is to provide a sure thing, not a gamble.