A union could raise wages without causing unemployment of union members if it can increase demand for union labor. How might this goal be achieved?
What will be an ideal response?
If unions can increase the labor productivity of the workers, then the demand for labor would increase. Perhaps the union workers are more productive because they don't have to worry about being fired for no cause since the union is looking out for their interests. Perhaps the unions can induce consumers to demand union-made goods through advertising campaigns, or can decrease demand for nonunion made goods by getting tariff legislation passed.
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Answer the following statement(s) true (T) or false (F)
1. The term price as used in microeconomics refers to the absolute price of a commodity. 2. The relative price of bread in terms of wine is the amount of wine which can be traded in exchange for a loaf of bread. 3. When relative prices are measured in terms of dollars, the term dollar refers to currency. 4. When absolute prices are measured in terms of dollars, the term dollar refers to currency. 5. Relative prices cannot fall when absolute prices are rising.
Why is the eurozone called a currency union?
What will be an ideal response?
A firm has an average total cost of $50. If it sells 20 units of its product at $80 each, what is its profit?
A) $30 B) $600 C) $1,000 D) $1,600
Refer to Table 9-11. With trade, what is the total gain in clock production?
A) 150 B) 300 C) 2,100 D) 2,250