Name and discuss reasons for the development of labor unions in the United States.
What will be an ideal response?
Labor unions developed in the United States in response to unsafe and unsanitary working conditions, low wages, and other forms of worker exploitation in factories.
Workers, including children, often operated dangerous machinery for 14 hours per day,
7 days a week. Labor unions organized in order to advocate on behalf of the factory
works with business owners for reasonable wages and safer working conditions.
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The quantity theory of money seeks to explain the connection between money and
A) output. B) unemployment. C) prices. D) interest rates.
The American Recovery and Reinvestment Act of 2009 provided ________
A) tax cuts of $288 million and a government spending increase of $499 million B) tax cuts of $288 million and a government spending increase of $499 billion C) tax cuts of $288 billion and a government spending increase of $499 billion D) tax cuts of $288 trillion and a government spending increase of $499 trillion
There is only one efficient allocation of resources in an economy at one point in time
a. True b. False Indicate whether the statement is true or false
Consider the labor market for an industry that is initially in equilibrium. Which of the following changes can bring about a labor shortage in this industry?
a. A decrease in wage rate in another industry that uses similar labor resources b. A decrease in wage rate on account of a government policy c. An increase in the demand for the good produced by firms in this industry d. A decrease in the productivity of existing workers under the influence of unions