The labor share of total income is the proportion of total income earned by
A. All workers.
B. The nonunionized workforce.
C. The unionized workforce.
D. All households.
Answer: A
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A lower tariff on imported steel would most likely benefit
A) foreign producers at the expense of domestic consumers. B) domestic manufacturers of steel. C) domestic consumers of steel. D) workers in the steel industry. E) foreign consumers of steel.
Codetermination refers to
a. allowing worker participation but only at the shop floor. b. allowing representatives of labor on management boards. c. turning trade unions into company unions. d. the alliance between government and labor unions in Germany. e. all of the above.
Assume that the central bank purchases government securities in the open market. If the nation has low mobility international capital markets and a flexible exchange rate system, what happens to the real GDP and current international transactions in the context of the Three-Sector-Model?
a. Real GDP rises, and current international transactions become more positive (or less negative). b. Real GDP rises, and current international transactions become more negative (or less positive). c. Real GDP and current international transactions remain the same. d. Real GDP rises, and current international transactions remain the same. e. There is not enough information to determine what happens to these two macroeconomic variables.
The benefit to buyers of participating in a market is measured by
a. the price elasticity of demand. b. consumer surplus. c. the maximum amount that buyers are willing to pay for the good. d. the equilibrium price.