"When Workers Have a Relatively Small Quantity of Capital to Use

question 128

Multiple Choice

"When workers have a relatively small quantity of capital to use in producing goods and services,giving them an additional unit of capital increases their productivity by a relatively large amount." This statement

• A)is an assertion that production functions have the property of constant returns to scale.
• B)is consistent with the view that capital is subject to diminishing returns.
• C)is inconsistent with the view that it is easier for a country to grow fast if it starts out relatively poor.
• D)All of the above are correct.

Know the rights of employees and obligations of employers during a union election phase.

Understand the role of the NLRB in regulating union activities and employer-employee relations.

Recognize the legal and illegal tactics in union organizing and campaigning.

Distinguish between discriminatory and non-discriminatory practices in the workplace regarding union activities.

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Definitions:

Elastic Demand

Characterizes a market situation where the quantity demanded of a good or service significantly changes in response to price changes.

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A substance used to shine, restore color, and improve the appearance of leather shoes or boots.

Expected Value

A calculated average outcome of a random event, considering all possible outcomes and their probabilities.

Gamble

The action of risking money or valuables on an outcome which is largely uncertain, hoping to secure a gain.