To the extent that unions can transfer profits from unionized employers to union workers, they will
a. reduce the incentive of unionized employers to invest in fixed capital and research.
b. increase employment in the unionized sector.
c. reduce the incentive of nonunion firms to invest and expand their output.
d. increase the productivity of labor in the long run.
A
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People and organizations have to make choices about how to allocate time and money because of
a. government rules and regulations b. corporate control of our lives c. scarcity of time and money d. religious values e. unlimited resources
Suppose a country has a velocity of money equal to 12 and a nominal GDP of $30 billion. This means that each dollar in this economy is supporting approximately:
A. $10 in total income. B. $30 in total income. C. $12 in total income. D. $1.5 in total income.
In the above table, the marginal propensity to save is
A. 0.2. B. 0.6. C. 0.8. D. 0.4.
After Joyce and Larry purchased their first house, they made additional home improvements in response to increases in income. After a while, their income rose so much that they could afford a larger home. Once they realized they would be moving, they reduced the amount of home improvements. Their Engel curve for home improvements on their current home is
A) negatively sloped. B) flat. C) positively sloped. D) backward bending.