According to the economic theory of labor markets, if unions are successful in raising wages, with no accompanying increase in labor productivity, then which of the following is true?
a. The quantity of labor demanded by profit-maximizing firms will decline.
b. The quantity of labor demanded by profit-maximizing firms will increase.
c. The quantity of labor supplied by workers will decline.
d. There will be a shortage of labor in the unionized labor market.
a
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If the quantity demanded changes by an infinitely large amount for a given change in price, then demand is
A) perfectly inelastic. B) perfectly elastic. C) elastic. D) inelastic.
Discuss why the World Bank has been criticized for making loans to nations that can attract private funds
What will be an ideal response?
In many cities, garbage collectors earn more than social workers. What could explain this wage differential?
a. Social work provides more nonmonetary rewards than garbage collecting does. b. There is a greater demand for social workers. c. There is a greater supply of trash collectors. d. Collecting garbage requires less skill. e. Social work is a less prestigious profession.
The law which prohibits embezzlement of funds by employees or income tax evasion acts as a(n):
a. psychological constraint b. ethical constraint. c. organizational constraint. d. contractual constraint.