What is being depicted in this graph showing the nonunion sector?
a. When the number of workers decreases from W 1 to W 3 , the salaries and quantity of
labor increase in an inverse relationship.
b. By increasing supply from S 1 to S 2 , workers unable to get jobs in the union sector
increase the wages in the nonunion sector.
c. In the nonunion sector, wage rates, labor supply, and quantity of labor are all less
than they are in the union sector.
d. Workers unable to get union jobs are forced into the nonunion sector, where the
increased supply of labor drives down wages.
d. Workers unable to get union jobs are forced into the nonunion sector, where the
increased supply of labor drives down wages.
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In the context of the production possibilities curve, opportunity cost is measured in:
a. dollars paid for the goods. b. the quantity of other goods given up. c. the value of the resources used. d. changing technology. e. units of satisfaction.
Proponents of strategic trade policy contend that:
a. government should tax domestic firms to generate greater revenues. b. government should encourage imports to prevent monopoly in the domestic market. c. government should provide subsidies to domestic firms with decreasing costs. d. government should discourage domestic firms with decreasing costs from continuing production. e. government should tax domestic import competing firms.