A union may negotiate limits on workload in order to increase the demand for labor and raise workers' salaries. This practice is known as:
A. featherbedding.
B. human capital formation.
C. monopsonistic bargaining.
D. artificial demand stimulus.
Answer: A
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The inflation rate has been constant for several years at 2 percent, and the unemployment rate has been stable at 5 percent over the same time period. Changes in government policy that cause the inflation rate to rise to 4 percent will
A. cause the unemployment rate to rise to 9 percent in the short run. B. cause the unemployment rate to rise in the short run, but we cannot tell by how much. C. have no effect on the unemployment rate. D. cause the unemployment rate to fall in the short run.
Use the following graph, where Sd and Dd are the domestic supply and demand for a product and Pc is the world price of that product, to answer the next question.
Sd + Q is the product supply curve after an import quota is imposed. A quota of y?w will
A. increase the revenues of domestic producers by areas E + F + G + H + J. B. increase the revenues of domestic producers by areas E + F + K. C. lower domestic price and increase domestic consumption. D. increase the revenues of domestic producers by areas G + H.
When profits occur in the future, the ________ the profit occurs, the ________ it is discounted and the ________ positive effect it has on the net present value.
A) sooner; less; smaller B) sooner; more; larger C) sooner; less; larger D) later; more; larger
Economic regulation is government policy designed to
a. improve health and safety in products and in working conditions b. prevent firms from monopolizing or developing a cartel in existing competitive markets c. eliminate existing monopolies by breaking them apart into many smaller firms d. create monopolies by forcing competitive firms to merge e. control price and output in industries where monopoly is desirable