Increased global competition is one reason why unionization has become more popular.
Answer the following statement true (T) or false (F)
False
The decline in unionization is explained by three phenomena. Most important is the relative decline in manufacturing, coupled with rapid growth in high-tech service industries (like computer software, accounting, and medical technology). The second force is the downsizing of major corporations and the relatively faster growth of smaller companies. The third cause of shrinking unionization is increased global competition.
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Which of the following types of unemployment is most likely the cause of higher- than-normal unemployment when an economy enters recession?
a. cyclical b. frictional c. seasonal d. structural
Which component(s) of U.S. real GDP increased in size relative to total U.S. real GDP from 1950 to 2000?
A. Only services. B. Only agriculture. C. Agriculture and manufacturing. D. Only manufacturing.
A legal monopoly is defined as a market where
A) only one lawyer operates. B) a legal barrier to entry exists. C) only one firm could earn a profit. D) entry and exit are legal.
A firm's economic profits are given by:
a. total revenue minus total accounting cost. b. the owner's opportunity cost. c. total revenue minus total economic cost. d. total revenue minus the cost of capital.