"Unions in the United States have helped raise the incomes of union workers as compared to nonunion workers." Do you agree or disagree? Why?
What will be an ideal response?
Disagree. The hourly wage earned a typical union worker is about $3.20 higher than the hourly wage earned a typical nonunion worker. However, the effect of a higher hourly wage rate on annual income is more than offset by the effect of fewer hours that the average union employee works as compared to the average nonunion worker. As a result, the annual income of a typical union worker is lower than that of the average nonunion worker.
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An example of an aggregate supply shock is
A) the cutoff of oil by the OPEC nations in the early 1970s. B) inflation caused by a surge in demand. C) the increase in the labor force due to the baby-boomer generation reaching working age. D) the increase in candy sales every February.
In the ___________ model of decision making, each decision builds on the previous one, forming a sequence of decisions, such as the steps involved in preparing a meal
a. Central-satellite b. Foa & Foa c. Elbing d. Chain