The Congress of Industrial Organization (CIO) was founded by
A) Samuel Gompers.
B) Jimmy Hoffa.
C) John L. Lewis.
D) George Meany.
Answer: C
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Between 1980 and 2014, income inequality in the United States has increased in part due to expanding international trade. How does expanding international trade contribute to income inequality?
A) It reduces the cost of producing goods and therefore lowers the value of labor's services. B) It allows producers to exploit workers and reduce the wages they are willing to pay workers. C) It increases the demand for a wide array of products which in turn increases prices beyond the reach of average-income individuals. D) Domestic firms can now hire low-skilled workers anywhere in the world, putting U.S. workers in competition with foreign workers. This has caused the wages of unskilled workers to be depressed relative to the wages of other workers.
The AD, SRAS, and LRAS curves each show a relationship between which two economic variables?
A) The aggregate price level and output B) The aggregate price level and the interest rate C) Output and unemployment D) Output and the interest rate
Higher input prices result in
A) upward shifts of MC and reductions in output. B) upward shifts of MC and increases in output. C) downward shifts of MC and reductions in output. D) downward shifts of MC and increases in output. E) increased demand for the good the input is used for.
A union may attempt to obtain stricter certification requirements or longer apprenticeships. These changes would raise workers' wages because they:
A. create unnecessary unemployment. B. shift in labor supply curve leftward. C. decrease the marginal product of labor. D. reduce management's use of featherbedding.