From the 1930s until today, unions have experienced particularly fast growth in the United States.
Answer the following statement true (T) or false (F)
False
The unionization rate has been in steady decline for more than 40 years. The current unionization rate of 12.4 percent is less than half of its post-World War II peak.
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Suppose that, for example in India, a minimum wage is instituted in the modern sector above the market clearing wage, while the rural traditional wage is market determined at a lower level than in the modern sector
(a) Describe the impact of this policy on the rural labor force, urban unemployment, and the rural wage. (b) Will the modern sector wage be equal to the traditional sector wage after markets equilibrate through migration? Explain. (c) What effect might moving costs have on the equilibrium you described in part (b)? (d) What effect might the introduction of factories to rural areas have no the equilibrium you described in part (b)?
Which of the following could explain a fall over time in the price of the depletable resource aloe?
a. The productivity of aloe mines fell. b. New deposits of aloe were discovered. c. Demand for aloe increased over time. d. All of the above are correct.
Which of the following is the largest single component of the market basket used to compute the consumer price index (CPI)?
A. food and beverages B. housing C. transportation D. medical care
An increase in total revenue will result if
A) demand is inelastic and price increases. B) demand is elastic and price increases. C) demand is inelastic and price decreases. D) demand is unitary elastic and price decreases.