Which best describes labor unions?
A. They are not generally accepted as an American institution.
B. They are accepted as an American institution.
C. They are more powerful today than they were 50 years ago.
D. They were at the peak of their power in the early 20th century.
B. They are accepted as an American institution.
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The profit-maximizing rule for a perfectly competitive firm when choosing its level of output is to produce where price is equal to marginal cost
The profit-maximizing rule for a firm hiring labor in a perfectly competitive labor market is to hire workers up to the point where the marginal revenue product equal to the market wage. How are these two rules related to one another?
The antitrust legislation that made it illegal for a firm to pay cash for a competitor's patents, plant, and equipment was the:
a. Sherman Antitrust Act. b. Celler-Kefauver Act. c. Robinson-Patman Act. d. Clayton Act. e. FTC Act.
Which of the following entities is compelled to pay premiums to the Pension Guaranty Trust Corporation?
A. Social Security B. Defined benefit pension programs C. Ponzi schemes D. Defined contribution programs
Tradable emission permits
A. do nothing to increase efficiency. B. prevent industries from polluting, regardless of how beneficial their goods are to society. C. allow polluters to keep polluting while paying no price. D. encourage polluting companies to look at the value of reducing pollution, just as they look at the value of increased production.