What effect do unions have on the labor market?
a. higher wages and fewer workers
b. higher wages and more workers
c. lower wages and fewer workers
d. lower wages and more workers
a. higher wages and fewer workers
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Economic theory looks at social coordination as a process of
A) continuing mutual adjustments to the situations created by the actions of others. B) continuous adjustment of extremes to conform to the average. C) passing information up from below and instructions or commands down from above. D) sacrificing personal interest to the public or general interest. E) sacrificing the public interest to self-interest.
Refer to above Table 2-2. What is the increase in real GDP between years 1 and 2 at fixed year 1 prices?
A) 4.3% B) 3.3% C) 2.5% D) 1.9%
Minimum-wage laws and unions are similar to each other but different from efficiency wages in that minimum-wage law and unions
a. cause unemployment, but efficiency wages do not. b. cause the quantity of labor supplied to exceed the quantity of labor demanded, but efficiency wages do not. c. cause wages to be above the equilibrium level. d. prevent firms from lowering wages in the presence of a surplus of workers.
Who or what did Edwards Deming blame for the problems in American manufacturing?
A. Tariffs B. Steel prices C. The system D. The workers