"Unions in the United States have helped raise the incomes of union workers as compared to nonunion workers." Do you agree or disagree? Why?
What will be an ideal response?
Disagree. The hourly wage earned a typical union worker is about $3.20 higher than the hourly wage earned a typical nonunion worker. However, the effect of a higher hourly wage rate on annual income is more than offset by the effect of fewer hours that the average union employee works as compared to the average nonunion worker. As a result, the annual income of a typical union worker is lower than that of the average nonunion worker.
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Characteristics that enable an item to serve well as money include each of the following, except ________
A) durable B) abundant C) divisible D) portable E) verifiable
Joe's income is $500, the price of food (F, y-axis) is $2, and the price of shelter (S, x-axis) is $100. Which of the following bundles is in Joe's opportunity set?
A) 50 units of food, 5 units of shelter B) 200 units of food, 2 units of shelter C) 100 units of food, 1 unit of shelter D) 150 units of food, 3 units of shelter
Policies such as rent control and trade barriers persist in spite of the fact that economists are virtually united in their opposition to such policies, probably because
a. economists have not yet convinced the general public that the policies are undesirable. b. economists engage in positive analysis, not normative analysis. c. economists have values that are different from the values of most non-economists. d. economists' theories are not easily confirmed or refuted in laboratory analysis.
The intersection of a firm's marginal revenue and marginal cost curves determines the level of output at which
a. total revenue is equal to variable cost. b. total revenue is equal to fixed cost. c. total revenue is equal to total cost. d. profit is maximized.