In November 2008, the air traffic controllers who work at Guam became unionized. What would NOT be a way for the union to influence labor demand?
A) Have monthly training which improves the marginal productivity of the air traffic controllers.
B) Support minimum wage laws.
C) Creating job certification which limits the number of newly certified air traffic controllers.
D) Lobby the government to limit who can apply to be an air traffic controller in Guam to those who are certified through the union.
C
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What is the benefit of understanding the income and the substitution effects?
A) The income effect might run in the opposite direction of the substitution effect. B) The income effect always runs in the opposite direction of the substitution effect. C) The income and substitution effects just offset each other, which explains a lot. D) The income and substitution effects are proportional to each other.
The idea behind money as a standard of value is that use of money allows:
a. greater efficiency in exchange b. receipt of income to be separated from spending. c. persons to hold spending power for some period of time. d. prices quoted in money terms.