The most powerful tool unions have at their disposal when bargaining with management is
A) the Taft-Hartley Act.
B) the ability to strike.
C) the secondary boycott.
D) the power of pure competition.
B
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Economics is best defined as
A) how people make money and profits in the stock market. B) making choices from an unlimited supply of goods and services. C) making choices with unlimited wants but facing a scarcity of resources. D) controlling a budget for a household.
In reality, decisions made by firms may not always produce maximum total profit because some executives
A. are more motivated by altruism. B. are more interested in market share than profits. C. may push research and development to the point that profits decline. D. All of the responses are correct.
The price system takes into account consumer preferences in the distribution of goods and services
a. True b. False Indicate whether the statement is true or false
In which of the following market structures do you find many sellers?
A. monopolistic competition B. perfect competition C. monopoly D. Both monopolistic competition and perfect competition are correct