Have unions been successful at raising wages for their members? What about raising wages for all workers?
What will be an ideal response?
Yes, they have been successful at raising wages for their members. To the extent that higher union wages come by generating an excess supply of workers, some of those workers unable to get jobs may go into the nonunion sector looking for work. This would tend to decrease wages for nonunion workers. Hence, it is likely that unions have caused nonunion workers to receive lower wages than they would if there were no unions.
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Caroline earns more than John. Under a new tax system, some of the taxes paid by Caroline would go to John. A libertarian would
a. support the system because an extra dollar earned by Caroline would be worth less to her than an extra dollar given to John. b. oppose the system if it redistributed income in the presence of equal opportunity. c. oppose the system because an extra dollar earned by Caroline would be worth more to her than an extra dollar given to John. d. support the system if it maximized the well-being of the poorest member of society.
At which interest rate is the present value of $360 three years from today equal to about $310 today?
a. 4.7 percent b. 5.1 percent c. 5.5 percent d. 5.9 percent
For the most part, trade between many countries:
A. is entirely unregulated or free. B. causes the well-being of some nations to win and others to lose. C. is regulated or restricted in some way. D. is free, with the notable exception of China.
“Pure competition or pure monopoly industries will tend to be one-price industries. Monopolistic competition, however, is a multiprice industry.” Explain
What will be an ideal response?