When consumption is rival and excludable, the product is a

A company can hire non-union workers, but a condition of their employment is that they must join the union within their first 90 days on the job. This is an example of a

A) right-to-work law. B) closed-shop. C) union shop. D) voluntary craft union.

When the Fed sells government securities, it:

A. lowers the cost of borrowing from the Fed, encouraging banks to make loans to the general public. B. raises the cost of borrowing from the Fed, discouraging banks from making loans to the general public. C. decreases the amount of excess reserves that banks hold, discouraging them from making loans to the general public. D. increases the amount of excess reserves that banks hold, encouraging them to make loans to the general public.