The primary purpose of labor unions is to
A) ensure that workers receive adequate safety training.
B) negotiate with employers about wages and working conditions.
C) endorse candidates and donate money to them.
D) ensure that all members earn identical incomes.
B
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The sum of personal consumption expenditure, investment expenditure, government expenditure, and net export expenditure on the total amount of real output in the economy in a given period of time is called:
A) potential GDP. B) aggregate expenditure. C) real money balances. D) none of the above.
Because of the relationship between a perfectly competitive firm's demand curve and its marginal revenue curve, the profit maximization condition for the firm can be written as
A) P = MR. B) P = AVC. C) AR = MR. D) P = MC. E) P = AC.