Which of the following is NOT a wage or employment strategy that a union would follow?
A. Set a wage rate that will maximize the income of its members.
B. Set a wage rate such that all workers that want to find a job can find a job.
C. Set a maximum wage rate such that a shortage of workers will result.
D. Set a wage rate that will maximize the income of only some of its members.
Answer: C
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The law of increasing relative costs, depicted by the concavity of the production possibilities frontier, is most closely related to the
A. downward slope of the demand curve. B. upward slope of the demand curve. C. downward slope of the supply curve. D. upward slope of the supply curve.
A statistical technique used to isolate the individual effects of a number of factors on a single outcome is called
A) the audit method. B) regression analysis. C) statistical discrimination. D) taste-based discrimination.
Refer to the below graph. A change from Point A to Point C represents a(n)
a. increase in supply.
b. decrease in supply.
c. increase in quantity supplied.
d. decrease in quantity supplied.
Sadie is getting ready to go to work where she earns $70 a day as a day laborer. Her friend Caroline calls her and asks her to go swimming with sharks for the day. Sadie decides to go with her. Sadie's choice implies that her opportunity cost of working is:
A. equal to $70. B. less than $70. C. greater than $70. D. Cannot say without more information.