The leadership of unions must recognize that they face
A) an economic system that is hostile to the interests of workers.
B) a no-win situation whenever they think a strike is necessary.
C) a fundamental trade-off between higher wages for members and higher taxes for members.
D) a fundamental trade-off between higher wages for members and fewer jobs for members.
D
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When unions raise wages beyond what productivity increases would permit,
A) more union workers are employed. B) there are higher wages for all union members. C) there is a redistribution of income from low- to high-seniority workers. D) nonunion workers wages in the economy also increase.
An alternative to maintaining an undervalued currency is to ________ the fundamental value of the exchange rate by ________ monetary policy.
A. decrease; tightening B. decrease; easing C. increase; tightening D. increase; easing
The recession of 2007-2009 decreased the demand for imports in Japan, which caused the ________ curve for the yen to shift to the ________, increasing the exchange rate and the value of the yen
A) supply; right B) supply; left C) demand; right D) demand; left
The laissez-faire approach popular before the Great Depression influenced the U.S. government to see business downturns as: a. natural phases in an otherwise healthy system and to therefore take short-term deficit spending measures to help recovery. b. natural phases in an otherwise healthy system and to therefore wait for recovery to occur naturally
c. serious maladies in an otherwise healthy system and to therefore work to redesign the system to avoid such failure in the future. d. failures of the type of system Adam Smith envisaged and to therefore work to move toward an open economy with free trade. e. failures of the system to achieve the form that Adam Smith envisaged and to therefore work to decrease government interference at the micro level.