Which of the following is correct?
a. Union membership in the United States peaked in the 1940s and 1950s.
b. Unions play a larger role in the United States than in European countries such as Belgium, France, and Germany.
c. Because of the popularity of unions, most workers in the United States discuss their wages, benefits, and working conditions with their employers as a group.
d. Collective bargaining is the process by which unions negotiate membership dues with the National Labor Relations Board.
a
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According to this Application, economist John Taylor believes that if the Fed had not followed "easy money" policy during the early 2000s,
A) housing starts would have declined quicker, accelerating the timing and severity of the housing bust. B) housing starts would have been much higher and the housing boom would have continued. C) housing starts would have been much lower and the housing boom and bust would have been avoided. D) housing starts would have stabilized, leading to a mild housing boom with no bust.
Which of the following decreases the supply of labor that competes with union labor?
A) an increase in the minimum wage B) an increase in the demand for imported goods C) new laws that restrict immigration D) All of the above would cause a decrease in the supply of labor that competes with union labor.
Economists use general equilibrium models of an economy to explain
A) consumption levels. B) production levels. C) relative prices. D) All of the above.
Which of the following provide the best evidence of specialization?
a. a firm that produces a line of related products, such as eight kinds of breakfast cereal b. an architect who is willing to practice in only one geographic area c. a physician that practices in a specialty area such as cardiology or orthopedic surgery d. a family that eats at Wendy's every Thursday night e. a retailer that sells goods but provides no services