Which of the following factors will make it easier for a labor union to increase the wages of its members?
a. a highly inelastic demand for the products produced by the union labor
b. a readily available supply of similar products produced by nonunion labor
c. low tariffs and strong competition from foreign firms producing the products supplied by the union labor
d. a reduction in the demand for the products produced by the union labor
A
You might also like to view...
Refer to Current and Future Consumption. The diagram shows the case of a
a. representative agent.
b. net borrower.
c. net lender.
d. disequilibrium situation.
The principle of opportunity cost:
A. is more relevant for firms than for individuals. B. only refers to monetary payments. C. is only relevant in economics. D. is applicable to all decision-making.
Which of the following is an example of natural monopoly?
A. a market for cable TV services B. a market for breakfast cereals C. a market for cold medicines D. a market for cigarettes
Quotas and tariffs both serve the purpose of
A. lowering prices on imported goods. B. causing domestic producers to lose revenues. C. restricting foreign trade. D. increasing foreign trade.