A craft union can raise union members' wages by restricting labor supply through high initiation fees, long apprenticeship periods, or difficult qualifying requirements
Indicate whether the statement is true or false
true
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A change in the price of one good leads to all of the following, except one. Which is the exception?
a. a change in the slope of the budget line b. a new point of consumer utility maximization c. a change in the trade-off between the two goods d. a change in the marginal utility of each unit of the good e. a change in the marginal utility per dollar spent on the good
A difference in wages that reflects differences in the nonpay features of two jobs is called
a. a compensating differential. b. a wage adjustment. c. an efficiency wage. d. a minimum wage.
During the 17th and 18th centuries, when the dominant economic policy was mercantilism, economic prosperity was measured by a nation's:
a. fleet of transport ships. b. food distribution system. c. number of men in its army and navy. d. stock of precious metals in its treasury.
Which of the following components, when combined, is most likely to lead to discrimination by landlords with prejudiced views?
a. uncontrolled rent; few possible renters b. uncontrolled rent; many possible renters c. rent-controlled apartment; many possible renters d. rent-controlled apartment; few possible renters