Firms with union contracts do a large portion of the painting jobs in the county. If the painters' union wins a 12 percent wage increase, what will most likely happen in the non-unionized part of the painters' labor market?
a. Nonunion painters will also get 12 percent wage increases
b. There will be no change in the nonunionized part of the painters' labor market because these sectors are not connected.
c. Wage rates in the nonunion sector are likely to fall.
d. Many nonunion painters will likely find work for a firm with a union contract.
c
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The problem of adverse selection in insurance results in a situation in which
A) people choose inappropriate or inadequate coverage because they do not understand the complex information in the policies. B) people choose too much coverage because they do not understand the complex information in the policies. C) people choose too little coverage because they do not understand the complex information in the policies. D) unhealthy people become more likely to buy insurance than healthy people, which drives premiums up, which drives even more healthy people away from the market. E) healthy people become more likely to buy insurance than unhealthy people, which drives premiums up, which drives even more unhealthy people away from the market even though they are the ones who need it most.
George is a gift giver and Roger is a gift recipient. George has Roger in his utility function, but Roger does not have George in his utility function. Roger may try to get George to __________________ George's efficient number of gifts to (give)
A) give more gifts to him than B) reduce the number of gifts he receives below C) increase the number of gifts he receives beyond D) a and b E) a and c