Which of the following is correct?
a. In unionized industries, wages are below the level that would prevail in competitive markets.
b. The introduction of a union in an industry increases the quantity of labor demanded in that industry, causes some workers in that industry to be unemployed, and increases wages in the rest of the economy.
c. Critics argue that the allocation of labor resulting from unions is both inefficient and inequitable.
d. All of the above are correct.
c
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A country with a current account surplus:
A. has exported more than it has imported. B. has imported more than it has exported. C. also has a capital account surplus. D. as borrowed heavily from the rest of the world.
To internalize the external costs of pollution is to:
A. make the polluter pay all of the costs associated with the polluting activity. B. require that private citizens rather than taxpayers pay for the harmful effects of pollution. C. levy taxes on manufacturing firms located in crowded urban areas. D. auction off pollution rights to those willing to pay the most for them.
(Last Word) The "after this, therefore because of this" fallacy states that
What will be an ideal response?
The costs of pollution abatement
A. decrease at an increasing rate with the increase in pollution abatement. B. increase at an increasing rate with the increase in pollution abatement. C. decrease at a decreasing rate with the increase in pollution abatement. D. increase at a decreasing rate with the increase in pollution abatement.