Which of the following is correct?
a. In unionized industries, wages are below the level that would prevail in competitive markets.
b. The introduction of a union in an industry reduces the quantity of labor demanded in that industry, causes some workers in that industry to be unemployed, and reduces wages in the rest of the economy.
c. There is a strong consensus among economists that unions are bad for the U.S. economy.
d. All of the above are correct.
b
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Monetarists and Keynesians agree that expectations are
a. backwards-looking. b. rational. c. unstable. d. forwards-looking.
A hedonic wage function could be applied to which of the following job characteristics?
A. the degree to which the area surrounding the job location is safe B. the degree to which a job involves monotonous work C. the probability of being injured on the job D. the degree to which a job involves strenuous work E. All of the above can be represented with a hedonic wage function.