If we were to compare the hourly earnings of union and nonunion workers in recent years, we would find that
A) unions have not succeeded in raising the hourly incomes of their members above nonunion members.
B) unions have succeeded in raising the hourly incomes of their members above nonunion members.
C) state government unionized employees have earned less in hourly wages than nonunion government employee.
D) union members have increased their hourly incomes, but are still below the hourly incomes of nonunion members.
B
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In order for there to be a backward-bending supply of labor curve, it must be the case that
A) at low wage rates, the income effect of a wage increase exceeds the substitution effect, but at high wage rates the substitution effect of a wage increase exceeds the income effect. B) at low wage rates, the substitution effect of a wage increase exceeds the income effect, but at high wage rates the income effect of a wage increase exceeds the substitution effect. C) the income effect of a wage increase exceeds the substitution effect at all wage rates. D) the substitution effect of a wage increase exceeds the income effect at all wage rates.
Interest income is
a. the largest component of national income b. interest received by individuals for providing capital to the resource market c. the most stable component of national income d. capital e. part of the expenditure approach to GDP accounting
The production possibilities curve for two products is bowed out because
A) as the production of a good increases, opportunity cost increases. B) as the production of a good increases, opportunity cost is unchanged. C) the qualities of the resources are not identical. D) there are unemployed resources.
"Plowback" is that portion of corporate profits used to
a. invest in future activities of the corporation. b. advertise the company's product. c. buy back bonds (reduce debt). d. pay owners for the use of their capital.