The first labor unions in the United States were
A) public-sector unions.
B) industrial unions.
C) guilds.
D) craft unions.
Answer: D
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The expected real cost to a firm of using an additional unit of capital during a period of time is the
A) user cost of capital. B) marginal product of capital. C) marginal cost of capital. D) opportunity cost of capital.
An allocation of resources is technically efficient if:
a. it is impossible to increase the output of a particular good. b. it is possible to increase the output of all goods. c. it is impossible to increase the output of one good without cutting back on the production of something else. d. it is possible to increase the output of one good.
A major reason that firms form a cartel is to:
A. minimize the costs of production. B. maximize joint profits. C. enlarge the market share for each producer. D. reduce the elasticity of demand for the product.
Briefly explain how import tariffs can be part of a set of government policies to increase national well-being for small developing countries where government revenue is difficult to obtain by other means such as an income or sales tax.
What will be an ideal response?