Corporation
What will be an ideal response?
Business entities that exist separate from their owners
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Which of the following is NOT a wage or employment strategy that a union would follow?
A) Set a maximum wage rate such that a shortage of workers will result. B) Set a wage rate such that all workers that want to find a job can find a job. C) Set a wage rate that will maximize the income of its members. D) Set a wage rate that will maximize the income of only some of its members.
Gold is a perfect medium of exchange and measure of value because of its:
a. divisibility, portability, and homogeneity. b. divisibility and durability. c. durability and relative scarcity. d. durability and homogeneity. e. divisibility, durability, and relative scarcity.
If a monopoly firm is continually earning above-normal profits, then
a. the entry of new firms will reduce profits to normal in the long run b. the profits may remain above-normal in the long run despite the entry of new firms c. market forces other than the entry of new firms will reduce profits to normal in the long run d. falling market demand due to the firm's high prices will reduce profits to normal in the long run e. barriers to entry may enable the profits to remain above-normal in the long run
Answer the following statements true (T) or false (F)
1. The Trade Expansion Act of 1974 restricted the authority of the president of the United States to reduce tariffs. 2. The rule of origin defines the maximum percentage of a country’s exported product that can be sold in the United States. 3. If trade between the United States and Canada were totally free of restrictions, the incomes of most Canadian workers would decrease. 4. Maquiladoras are export-oriented plants, often along the U.S.–Mexico border, that are exempt from paying import duties on raw materials and parts used in making final products. 5. The Maastricht Agreement calls for a common currency and a single central bank in the European Union.