The threat of a strike
a. can serve as an incentive for labor and management to reach an agreement
b. destroys incentives for labor and management to reach an agreement
c. is usually not taken seriously because employers know the workers will suffer during a strike
d. is not taken seriously unless management expects to suffer
e. is not taken seriously if public safety is at risk
A
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Suppose the actual budget deficit increases when the economy falls into a recession. This is an indication that
A) monetary policy was used during the recession. B) monetary policy was not used during the recession. C) fiscal policy was used during the recession. D) fiscal policy was not used during the recession.
The theory of investment that emphasizes the role of expected growth in real GDP on investment spending is known as
A) the theory of animal spirits. B) the accelerator theory. C) real business cycle theory. D) the multiplier theory.
The productivity curve is a relationship between
A) real GDP per hour of labor and capital per hour of labor, with technology held constant. B) capital per hour of labor and technological growth. C) nominal GDP per hour of labor and capital per hour of labor, with technology held constant. D) real GDP per unit of capital and capital per hour of labor, with technology held constant. E) real GDP per hour of labor and capital per hour of labor whenever technological growth occurs.
When a firm can achieve economies of scale by expanding, its long-run ATC curve:
A. slopes downward. B. slopes upward. C. is flat. D. Any of these is possible.