The type of labor agreement that requires workers to be union members prior to being considered for employment is a
A) right-to-work agreement.
B) closed-shop agreement.
C) union shop agreement.
D) open-shop agreement.
Answer: B
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The relationship between MC and AC can best be described as
A) when AC increases, MC starts to increase. B) when MC increases, AC starts to increase. C) when MC decreases, AC decreases. D) when MC exceeds AC, AC increases.
Additional investments in machines that enhance the ability to produce goods and services imply that
a. the owners of the investments will necessarily have to borrow funds. b. the owners of the investments will necessarily have to reduce their current consumption. c. someone will have to reduce current consumption. d. future consumption will have to be reduced.
If one person's use of good x diminishes other people's use of it, then good x is one of two types of goods. What are those two types?
The invisible hand principle indicates that when individuals are directed by prices determined in competitive markets, their actions will tend to promote the efficient use of resources
What will be an ideal response?