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To discuss how the demand for labor depends on the marginal value product and the real wage rate, and how labor unions affect the supply of labor, wages, and economic efficiency.
A technological breakthrough that makes workers twice as efficient on the job will tend to have which of the following effects? It will shift the...
Demand curve to the right. This is so because it will increase output per worker, thus making each worker more valuable to an employer.NEXT QUESTION
In a national union, the authority to set policy for the union is held by the:
delegates to the union convention.NEXT QUESTION
The equilibrium wage for this market will be:
W4. This is the point at which the demand and supply curves intersect.NEXT QUESTION
This wage represents an equilibrium because...
a higher wage would produce an excess supply; a lower wage, an excess demand.NEXT QUESTION
In recent years some observers have pointed optimistically toward a growing spirit of cooperation between unions and management — though much remains to be done. Probably the MAIN reason for this trend toward cooperation is:
a desire to survive in a highly competitive economy under increasing pressure from foreign competition.NEXT QUESTION
In the early 1900s, managers generally refused to grant wages to garment workers because:
they could get all the workers they wanted at the wages they were paying.RESTART QUIZ