Data on the relationship between the percentage of the workforce unionized and the share of national income allocated to labor suggest that unionization has
a. greatly altered the labor-capital distribution of national income.
b. increased the share of national income allocated to labor.
c. had a positive effect on the wages of nonunion workers.
d. had no significant impact on the share of income going to labor.
D
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What are the two effects that explain the law of demand? Briefly explain each effect
What will be an ideal response?
When national output declines, the economy is said to be in
A) an expansion. B) a deflation. C) an inflation. D) a recession.
The difference between the value of a good to sellers and its price is known as: a. consumer surplus. b. producer surplus. c. demand
d. supply.
In both price-taker and competitive price-searcher markets, when an increase in market demand disrupts a long-run equilibrium, it will lead to
a. higher short-run prices and long-run profits. b. higher short-run prices, short-run profits, and the entry of additional firms into the market. c. higher short-run prices and the exit of firms from the market due to economies of scale. d. no change in prices in the short run, but new firms will enter in the long run.