A labor union that consists of workers from a particular industry is a(n)
A) closed shop.
B) industrial union.
C) union shop.
D) bilateral monopoly.
Answer: B
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A company succumbs to a wage increase demand without any changes in the productivity of labor, price of the product, and the total output sold. Which of the following would happen?
A. Total revenue of the company will fall. B. Investment by the company will increase. C. Profit per unit of the product will fall. D. Average profit per unit will increase.
An asset is best able to serve as a medium of exchange if it is:
A. nonliquid. B. a store of value. C. liquid. D. not a store of value.
When a decrease in the scale of production leads to higher average costs, the industry exhibits
A. constant returns to scale. B. diminishing returns. C. decreasing returns to scale. D. increasing returns to scale.
The historical record indicates that foreign aid has
a. played a major role in helping formerly poor countries grow rapidly and achieve high income levels. b. re-enforced corrupt governments and policies that stifle productive activities. c. helped poor countries escape counterproductive policies imposed by authoritarian political leaders. d. promoted economic growth, but slowed the movement toward political democracy.