In 2011, the U.S. unionization rate was:
A. 5.5 percent, down by nearly one-half of the rate in the mid-1950s.
B. 14.8 percent, up by about one-fourth of the rate in the mid-1950s.
C. 11.8 percent, down by more than one-half of the rate in the mid-1950s.
D. 21.2 percent, down by 4 percentage points from the mid-1950s.
Answer: C
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A true and unambiguous burden on future generations will be created whenever government deficit spending
A) increases the ratio of government expenditure to GDP. B) pays for goods that yield no future benefits. C) is used as part of a countercyclical fiscal expansion. D) pays for capital expenditures.
According to New Keynesian theory, fluctuations in the target interest rate are not a good explanation of the business cycle because the model predicts that
A) consumption is constant. B) labor is countercyclical. C) average labor productivity is countercyclical. D) output is countercyclical.