Jenni can change a car's oil in 10 minutes and clean a bathroom in 20 minutes. Rob can change a car's oil in 20 minutes and clean a bathroom in 10 minutes. Therefore,
a. Jenni should clean the bathroom and Rob should change the car's oil
b. Rob should clean the bathroom and Jenni should change the car's oil
c. there are no gains from specialization
d. Rob has an absolute advantage in both activities
e. Jenni has an absolute advantage in cleaning the bathroom
B
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A household's reservation wage is the ________
A) lowest wage rate at which the household will supply labor B) wage at which the household's labor supply curve bends backward C) wage rate at which the household's income is largest D) highest wage rate at which the household will supply labor
Labor unions are groups of:
A. employees who petition the government to oversee the employment conditions of employees who work for major corporations. B. employers who join together to create fair employment packages for employees within a certain geographical area. C. employers who petition the government to regulate the safety conditions of certain industries. D. employees who join together to bargain with their employer(s) over salaries and work conditions.