If a union negotiates and obtains a wage rate above the competitive wage rate,
A) it must find a way to make workers more productive.
B) employment in the union sector will increase relative to employment in the nonunion sector.
C) it must find a way to ration jobs among the excessive number of workers who wish to work in the union sector.
D) unemployment will increase in the nonunion sector relative to the union sector.
C
You might also like to view...
Mathematically, price elasticity of demand is the percentage change in the:
A. quantity demanded of a good in response to a given percentage change in the price of the good. B. price of a good that is demanded in response to a given percentage change in quantity. C. quantity of a good that is supplied in response to a given percentage change in price. D. price of a good that is supplied in response to a given percentage change in quantity.
Agreements to abolish most barriers to trade among nations are known as:
a. collusive trade agreements. b. discriminatory trade agreements. c. neutral trade agreements. d. preferential trade agreements. e. retaliatory trade agreements.
If the MU of half gallon of milk is $3.50 and the MU of gallon of milk is $3.25, and they both sell for the same price, we would expect consumers to
A. increase their purchases of gallons of milk. B. increase their purchases of half gallons of milk. C. not change their purchasing habits. D. buy only gallons of milk.
The basic idea behind the multiplier is that an increase in
a. GDP brings about an additional, larger increase in GDP. b. consumer spending causes a larger increase in investment spending. c. government spending causes a larger increase in tax revenues. d. spending will cause an even larger increase in equilibrium GDP.