Which of the following is NOT a wage or employment strategy that a union would follow?
A) Set a maximum wage rate such that a shortage of workers will result.
B) Set a wage rate such that all workers that want to find a job can find a job.
C) Set a wage rate that will maximize the income of its members.
D) Set a wage rate that will maximize the income of only some of its members.
A
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All of the following are components of the expenditure approach to measuring GDP EXCEPT
A) Shaniq's purchase of a meal at the Olive Garden in Atlanta. B) a Senator from Iowa being paid the monthly salary. C) the army buying new M1 Abram tanks. D) Ford Motor Company buying new Dell computers for use in its marketing department in Dearborn, Michigan.
If a Thai citizen borrowers dollars for a few months, hedging should take place if
a. the dollar is expected to fall in value over that time b. the dollar is expected to rise in value over that time c. the dollar is expected to fluctuate considerably over that time d. the dollar is expected to remain stable over that time e. none of the above
In a free market system, competition generates economic efficiency only when
A) individuals take into account the full opportunity cost of their actions. B) consumers are motivated by a sense of the greater good, not their own self-interest. C) firms are motivated by a sense of the greater good, not their desire for profit. D) economic decisions are taken out the hands of individuals and placed in the hands of government officials.
Economists are generally opposed to tariffs or other restrictions on imported goods because of the negative secondary effects they create that more than offset the benefits to employment in the domestic industry. Which of the following could be considered a secondary effect of these trade restrictions?
a. The price to consumers of the good in question will be higher as a result of the restriction, meaning consumers will be worse off. b. As consumers must spend more money to purchase the good, there will be employment losses in other domestic industries as consumers cut back on their spending on other things. c. Because there is a link between a country's imports and its exports, less imports from other countries will result in lower domestic employment in export industries. d. All of the above.