A union may attempt to obtain stricter certification requirements or longer apprenticeships. These changes would raise workers' wages because they:
A. create unnecessary unemployment.
B. shift in labor supply curve leftward.
C. decrease the marginal product of labor.
D. reduce management's use of featherbedding.
Answer: B
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Which of the following is a result of increased real wages in the United States?
a. a decrease in the quantity of services demanded by households b. an increase in the opportunity cost of remaining employed in the home c. a decrease in the opportunity cost of working outside the home d. a decline in the number of households providing labor outside the home e. reduced use of labor-saving devices in households
Independent workers face difficulties in arriving at choices for all of the following reasons, EXCEPT:
a. difference in investment responsibilities for their equipment. b. difference in attitudes toward risk. c. difference of opinion regarding a new strategy's probability of success. d. difference in their transaction costs.
To be effective, infant industry protection requires
A) a national security externality. B) to be extended indefinitely. C) to be fair to existing producers. D) a technology externality.
Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher