What is a union shop?
a. Only active union members can be hired.
b. New employees must join the union after hire.
c. Featherbedding adds unneeded workers.
d. The employees have created their own union.
b. New employees must join the union after hire.
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If consumers value the last unit of a product by more than it cost to produce it, welfare could be increased by ______.
a. stopping production b. raising taxes c. reducing output d. expanding output
If the U.S. Treasury in 1865 had decided to make the dollar convertible into gold at the pre-War rate,
a. relatively cheap British goods would have been highly desired by American consumers. b. the U.S. treasury would have quickly found its stock of gold depleted. c. British citizens would have converted large amounts of pounds into dollars. d. All of the above are correct. e. Only a and b are correct.
Inflation measures the increase in the quantity of goods and services produced from each hour of a worker's time
a. True b. False Indicate whether the statement is true or false
Some poor countries appear to be falling behind rather than catching up with rich countries. Which of the following could explain the failure of a poor country to catch up?
a. The poor country has a health epidemic such as the Zika virus b. The poor country imposes heavy tariffs to protect infant industries c. The poor country has many corrupt officials d. All of the above