Have unions been successful at raising wages for their members? What about raising wages for all workers?
What will be an ideal response?
Yes, they have been successful at raising wages for their members. To the extent that higher union wages come by generating an excess supply of workers, some of those workers unable to get jobs may go into the nonunion sector looking for work. This would tend to decrease wages for nonunion workers. Hence, it is likely that unions have caused nonunion workers to receive lower wages than they would if there were no unions.
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Stockholders are the owners of which type of business?
A) corporations B) sole proprietorships C) partnerships D) all of the above
Monopolies are always large firms with great economies of scale.
Answer the following statement true (T) or false (F)
Demand-pull inflation has its most extreme effect on a nation's price level in the:
a. Keynesian range. b. Twilight zone. c. Intermediate range. d. Classical range. e. Somewhere over the rainbow.
The Marginal Propensity to Consume is equal to:
(a) Total spending divided by total consumption. (b) Total consumption divided by total income. (c) Change in consumption divided by change in income. (d) Change in consumption divided by change in saving.