Employees who are members of a union can expect
A. less job security.
B. poorer working conditions as employers try to compensate for higher wages.
C. a wage that is higher than the equilibrium wage in the labor market.
D. lower wages than nonunion workers in the same industry.
Answer: C
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The theory of rational expectations, when applied to financial markets, is known as
A) monetarism. B) the efficient markets hypothesis. C) the theory of strict liability. D) the theory of impossibility.
Consider a good whose own price elasticity of demand is -1.5 and price elasticity of supply is 0.5. The fraction of a specific tax that is borne by producers is ________
A) 0 B) 0.25 C) 0.5 D) 0.75 E) 1
An increase in the inflation rate of one country relative to another country will probably cause
A. an increase in the amount of official reserves held by the inflating country's central bank. B. a balance of trade deficit for the inflating country. C. a current account surplus for the inflating country. D. an increase in exports for the inflating country.
Refer to Figure 3-2. A decrease in the price of inputs would be represented by a movement from
A) A to B. B) B to A. C) S1 to S2. D) S2 to S1.