A number of economists have estimated the impact of unionization on workers' wages. Which of the following is one conclusion reached by these studies?
A) Holding constant the impact of other factors that affect wages, being in a union has no impact on a worker's wages.
B) Being in a union increases a worker's wages by about 10 percent, holding constant other factors that influence wages.
C) Union workers earn less than they would if they were not unionized. This is because of the impact of workers' strikes, during which union members do not receive wages.
D) The share of national income received by workers has increased significantly over time; unions have been responsible for about one-half of the increase in workers' share of national income from the end of World War II to 2000.
B
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An excess supply of wheat
a. is impossible if people are hungry b. is impossible if the price of wheat is below equilibrium c. will result when quantity demanded exceeds quantity supplied at the current price d. cannot change the price of wheat unless the supply curve shifts as a result of the excess supply e. indicates that the problem of scarcity of wheat no longer exists
What is a GDP deflator? Why do some economists consider the GDP deflator to be a better measure of overall inflation than the Consumer Price Index?
Recall the Application about the harmattan and how it affects the price of cocoa to answer the following question(s).This Application illustrates how a change in weather conditions can adversely impact the ________ by ________ the price of a good.
A. demand; decreasing B. demand; increasing C. supply; decreasing D. supply; increasing
Refer to the diagram. Which of the following supply and demand shifts portray the long-run problem that farms face?
A. S to S and D to D
B. S to S and D to D
C. S to S and D to D
D. S to S and D to D