Which of the following is correct?
a. In unionized industries, wages are above the level that would prevail in competitive markets.
b. The introduction of a union in some industry reduces the quantity of labor demanded in that industry, causes some workers in that industry to be unemployed, and reduces wages in the rest of the economy.
c. Critics argue that the allocation of labor resulting from unions is both inefficient and inequitable.
d. All of the above are correct.
d
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Refer to Figure 11.5. An increase in exports is best illustrated by diagram
A) A. B) B. C) C. D) D.
The ________ serves as a forum for international negotiations, such as the Kennedy Round, aimed at lowering barriers to trade
A) International Trade Commission (ITC) B) World Trade Organization (WTO) C) International Trade Agreement (ITA) D) World Bank
A decline in the expected inflation rate causes the demand for money to ________ and the demand curve to shift to the ________, everything else held constant
A) decrease; right B) decrease; left C) increase; right D) increase; left
Which of the following describes how import quotas on sugar generally affect consumer surplus as shown in Exhibit 2?
a. eliminated
b. unchanged
c. decreased
d. increased