The process by which union members and the firm's management negotiate a contract is called
a. settlement negotiation
b. collective bargaining
c. a union contract
d. collection arbitration
e. settlement bargaining
B
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Purchasing power parity may not hold in practice due to all of the following except
A) transportation costs. B) cross-country differences in environmental regulations. C) trade barriers like tariffs and quotas. D) the existence of non-traded goods.
For an individual's supply curve of labor to be backward bending:
a. the substitution effect must be greater than the income effect. b. the substitution effect must be equal to the income effect. c. the substitution effect must be less than the income effect. d. is an impossibility.
A. Realizing allocative efficiency implies that productive efficiency has been realized. B. Productive efficiency can only occur if there is also allocative efficiency. C. Society can achieve either productive efficiency or allocative efficiency,
but not both simultaneously. D. Productive efficiency and allocative efficiency can only occur together; neither can occur without the other. A. increase its supply. B. increase its price. C. increase the quantity sold. D. increase its demand.
Which of the following is not listed in the book as a reason to study economics?
A. to be an informed citizen B. to learn a way of thinking C. to understand society D. to learn how to make lots of money