Which of the following is FALSE regarding unions?
A) The American Federation of Labor (AFL), composed of craft unions, was formed in 1886 under the leadership of Samuel Gompers.
B) For a period after World War I the government temporarily stopped protecting labor's right to organize.
C) During the Great Depression, legislation was passed that made collective bargaining illegal.
D) The AFL and the CIO merged in 1955.
C
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Some people make purchases without complete information because:
A. they are irrational. B. the opportunity cost of getting more information outweighs the benefit of having more information. C. the benefit of having more information outweighs the opportunity cost of acquiring it. D. No one makes purchases without complete information.
Opportunity cost of an activity
a. Is known to all parties b. Cannot be measured in dollar terms c. May include both monetary costs and foregone incomes d. Is known with all certainty
Economists use game theory to predict the behavior of oligopolists. Which of the following is crucial for the success of the analysis?
A. Determine whether the problem considered is of a one-shot or a repeated nature. B. Make sure the payoffs reflect the true payoffs of the oligopolists. C. Determine whether the oligopolists move simultaneously or sequentially. D. All of the statements associated with this question are correct.
Monopolization of both the labor market and the output market results in
A) higher wages than when both are competitive. B) a higher output price than when both are competitive. C) a lower level of output than when both are competitive. D) All of the above.