A closed shop is a business enterprise in which
A. employees cannot belong to a union when they are employed, and cannot join a union and keep working there.
B. employees must belong to the union before they can be employed.
C. employees must join the union to maintain employment.
D. employees cannot belong to the union when they are hired, but may join the union later and keep their jobs.
Answer: B
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Which of the following is an example of comparative statics?
A) The estimation of the supply of a good when the wage rate of labor changes from $30 to $10 per hour B) The estimation of the ideal number of workers a firm should hire when wage rate is $20 per hour C) The estimation of the quantity demanded of a good when its price is $5 D) The estimation of the demand for a particular good when consumer income is $10
The table above shows the transaction in Pinkland last year:
a) Calculate Pinkland's GDP. b) What approach did you use to make this calculation?
Suppose a paper mill earns $1,000,000 in profits when it pollutes a river, and it can abate pollution at a cost of $75,000. The effects of the pollution are confined to a single farmer who earns $400,000 if the water he uses from the river is clean and $300,000 if it's polluted. Suppose there is no law preventing the firm from polluting the river. Which of the following describes an efficient outcome in this case?
A. The farmer is unable to pay the owner of the mill enough to get him to stop polluting. B. The owner of the mill pays the farmer $87,500 in compensation for its pollution. C. The farmer pays the owner of the mill $112,500 to stop polluting. D. The farmer pays the owner of the mill $87,500 to stop polluting.
Which of the following best represents the effects of a decrease in the price of belts, other things being equal?
a. An upward movement along the demand curve for belts. b. A downward movement along the demand curve for belts. c. A rightward shift in the demand curve for belts. d. A leftward shift in the demand curve for belts.