Distinguish between craft unions and industrial unions
What will be an ideal response?
Craft unions are composed of workers who engage in a particular trade or skill such as carpentry and plumbing, and industrial unions are composed of workers from a particular industry such as autos or steel.
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Your textbook argues that in a market system income is earned and "distributed"
A) in the process of its creation. B) as a result of the supply and demand for productive services. C) in ways that might not be considered "fair" in all cases. D) in all of the above ways.
Expected utility is
A) the maximum utility that a person can get from a set of possible outcomes. B) the probability-weighted mean of the utility gained from a set of possible outcomes. C) negative for risk-averse people. D) indeterminant for risk preferring people.
An airline knows that business travelers have more inelastic demand for travel than vacationers. That is, business travelers are often willing to pay more for airline tickets than vacationers. The airline also knows that business travelers do not like to travel over weekends. When customers request airline tickets that do not involve travel over a weekend, the airline determines that a traveler
is likely a business traveler and charges a higher price. This is an example of a. moral hazard. b. signaling. c. screening. d. adverse selection.
Exhibit 10-4 Kinked demand curves
In Exhibit 10-4, the exhibit represents a kinked-demand oligopoly model. Suppose the current price is $50. If one firm in the oligopoly now attempts to raise price, all firms will:
A. follow along demand curve D1. B. follow along demand curve D2. C. ignore this price increase and cause the price-raising firm to move along D1. D. ignore this price increase and cause the price-raising firm to move along D2.