To negotiate a higher wage rate, a union cannot
a. start with a strike and then work to reach a contract to end the strike
b. negotiate in good faith and expect to hold its bargaining power
c. negotiate without consulting other unions
d. offer a supply curve of labor that is vertical
e. offer a supply curve of labor that is horizontal
D
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If the interest rate is 10%, then $1 received one year from now is worth how much today?
A) $1.10 B) $1 C) 91¢ D) 90¢
The country of Zorabia witnesses a huge influx of unskilled illegal immigrants. Which of the following will occur?
a. The equilibrium wage rate in Zorabia will fall. b. The equilibrium wage rate in the market for unskilled labor in Zorabia will fall. c. There will be excess demand for labor in the market for unskilled labor in Zorabia. d. There will be excess supply of labor in the job market for skilled workers.