1. Featherbedding allows unions to increase wages by:
a. Reducing labor share of payroll taxes
b. Increasing firms demand for labor
c. forcing firms to accept higher-then-equilibrium wages
d. limiting the supply of labor
2. Which of the following statements concernning the supply of labor is true?
a. the typical labor supply curve is upward sloping
b. the wage rate has no effect on the supply of labor
c. the supply curve is downward sloping
d. the supply of labor is detemined by the prevailing wage rate
3. If there is employment discrimination against minorities,this will cause the:
a. Demand for their services to decline, and their wages to rise
b. supply for their services to decline, and their wages to rise
c. Demand for their services to decline, and their wages to fall
d. supply of their services to increase, and their wages to fall
4.The Utah Pie case was brought under which of the following laws?
A. The celler-kefauver
b.The Robinson-Patman Act
c. The Sherman Antitrust Act
d. The Federal Trade commission act
5. Which one of the following examples is a cash assistance program used to fight proverty in the United States?
a. Temporary assistance to needy families (TANF)
b. Home energy assistance
c. Head Start
d.Medicaid
e. Food Stamps
6. Regulotory commissions may focus on establishing a "fair-return" price to be charged by a monopolist. Under this policy, the monopolist would earn:
A. negative economic profits
b. Zero economic profits
c. positive economic profits
D. monopoly profits
7. A monopsony will:
A. pay a higher wage than a competitive employer
B. Employ a quantity of labor where the marginal revenue product equals the marginal factor cost
c. Hire more workers than a competitive employer
d. All of these
8. Marginal cost pricing is a system of pricing in which the price charged equals the marginal cost of :
A. the last unit produced
b. each unit produced
c. the profit-maximization unit
d. the first unit produced
9. Which of the following countries has the most unequal distribution of income?
a. Czech Republic
b.Brazil
c. The United States
d. cannot be determined