) An industrial union is a union composed of -workers in numerous occupations bu
ID: 1174255 • Letter: #
Question
) An industrial union is a union composed of
-workers in numerous occupations but working in the same industry.
-workers sharing a similar industrial job.
-workers in manufacturing industries, rather than in the commercial, service, or government sectors.
-high-wage workers.
2) An increase in the demand for electricians will
-have no effect on economic rent earned by electricians.
-increase economic rent earned by electricians.
-decrease the supply of electricians.
-decrease economic rent earned by electricians.
3) Company towns are
-monopolies.
-towns named after companies.
-monopsonies.
-adjacent towns.
4) Each of the following has tended to foster competition except
-the declining number of corporate takeovers and mergers.
-the declining importance of manufacturing.
-the rise of new industries.
-more foreign competition.
5)
-3.
-6.
-4.
-5.
6) Collective bargaining involves negotiations over
-working conditions.
-pay.
-All of these choices are correct.
-fringe benefits.
7) The largest merger in banking and finance history was between
-Travelers and Citicorp.
-Chase Bank and Chemical Bank.
-Crossland Savings and Metropolitan Savings.
-Chase Manhattan and J.P. Morgan.
8) A sharp rise in the price of oil from the fall of 2007 to the summer of 2008 led to a decline in the demand for large cars. This decline in demand for an output,
-led to a decline in the derived demand for autoworkers.
-led to a increase in the derived demand for autoworkers.
-had no impact on the derived demand for autoworkers.
9) The Standard Oil trust
-forced its rivals out of business.
-was broken up in 1946.
-was put together by the U.S. government.
-was controlled by several foreign nations.
10) Which union recently agreed to a 3-year wage freeze and the loss of 3,000 jobs in exchange for plant upgrades and limited imports?
-The International Brotherhood of Electrical Workers
-The United Steel Workers
-The International Association of Machinists and Aerospace Workers
-The United Automobile and Aerospace Workers
11
-6
-5
-4
-3
12) A merger between Hertz Rent-a-Car and Budget Rent-a Car would be a ______ merger.
-conglomerate
-diversifying
-vertical
-horizontal
13) A firm will use more and more land until the marginal revenue product of land
-falls to the level of the rent.
-rises above the level of the rent.
-falls below the level of the rent.
-rises to the level of the rent.
14) There has been an unmistakable steady trend toward bigness in business since
-the late-1990s.
-1911.
-the mid-1930s.
-the Civil War.
15) You are most likely to be a union member if you
-live in the South.
-are a government employee.
-work in retailing.
-live in a right-to-work state.
16) The wage rate is determined by
-the substitution and income effects of supply.
-None of the choices are correct.
-the interaction of supply and demand in the market.
-the U.S. government in all circumstances.
17) Winner-take-all markets
-explain the difference between the primary and secondary labor markets.
-explain why CEOs of large corporations make so much money.
-don't exist.
-explain why American CEOs make so much less money than their foreign counterparts.
18) A firm's demand schedule for capital is
-the marginal revenue product and marginal physical product schedule for capital.
-neither the marginal revenue product schedule nor the marginal physical product schedule for capital.
-the marginal revenue product schedule for capital.
-the marginal physical product schedule for capital.
19) Increases in the productivity of labor tend to
-increase the marginal revenue product of labor but have no effect on the wages employers are willing to pay for any given amount of labor.
-increase the marginal revenue product of labor and the wages employers are willing to pay for any given amount of labor.
-decrease the marginal revenue product of labor and the wages employers are willing to pay for any given amount of labor.
-decrease the marginal revenue product of labor and increase the wages employers are willing to pay for any given amount of labor.
20) Which statement is true?
-The "backward bending" supply curve is not really backward bending.
-As one's income rises, eventually the income effect outweighs the substitution effect.
-As one's income rises, eventually the substitution effect outweighs the income effect.
-Most people would put in a maximum workweek of 48 hours no matter what the pay. microeconomic
Explanation / Answer
1. (a) workers in numerous occupations but working in the same industry.
2. (b) increase economic rent earned by electricians.
3. (b) town named after companies
4. (a) the declining number of corporate takeovers and mergers.
5. (d) 5
6. (c) All of these choices are correct.
7. (a) Travelers and Citicorp.
8. (a) led to a decline in the derived demand for autoworkers.
9. (a) forced its rivals out of business.
10. (d) The United Automobile and Aerospace Workers
11. (a) 6
12. (d) horizontal
13. (d) rises to the level of the rent.
14. (a) the late-1990s.
15. (a) live in the South.
16. (c) the interaction of supply and demand in the market.
17. (b) explain why CEOs of large corporations make so much money.
18. (c) the marginal revenue product schedule for capital.
19. (b) increase the marginal revenue product of labor and the wages employers are willing to pay for any given amount of labor.
20. (b) As one's income rises, eventually the income effect outweighs the substitution effect.
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