Describe the two basic strategies of unions in increasing wage rates for their members.
What will be an ideal response?
Increasing demand or decreasing supply of workers would increase the wages for members of a union. Featherbedding, licensing requirements, long apprenticeships are among some of the tactics to accomplish this.
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Which four nations account for most of the population and economic activity in Latin America?
What will be an ideal response?
The Condorcet paradox demonstrates that the order in which people vote on choices may influence the final outcome
a. True b. False Indicate whether the statement is true or false
According to Angus Madison, a leading authority in the area, world per capita GDP and life expectancy grew very little until which date?
What will be an ideal response?
If a natural disaster were to cause a negative long-run supply shock to the economy, once the economy adjusts, the new equilibrium will be at a:
A. higher price level and lower level of output. B. lower price level and lower level of output. C. higher price level and higher level of output. D. lower price level and higher level of output.