If an industrial union is able to negotiate a wage above the competitive market-clearing wage, employment in the industry will increase
a. True
b. False
B
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What is the difference between wage differentials caused by differences in human capital and compensating wage differentials?
What will be an ideal response?
What do reports that the dollar is "overvalued" mean? How will foreign exchange markets respond to this information? Support your answer graphically
What will be an ideal response?
The unemployment rate is the number of
A) people looking for work divided by the population. B) jobless individuals divided by the total labor force. C) jobless people looking for work divided by the population. D) jobless individuals looking for work divided by those employed and unemployed but actively looking.
Compared to a barter economy, using money increases efficiency by reducing:
a. transaction costs. b. the need to exchange goods. c. the need to specialize. d. inflation.