1) Suppose a union successfully negotiates a wage rate for its members that is a
ID: 1097752 • Letter: 1
Question
1) Suppose a union successfully negotiates a wage rate for its members that is above the competitive wage rate. Then,
A) the union must find a way to make union workers more productive.
B) the union must also negotiate a fringe-benefit package that the membership will like.
C) employment in the union sector will increase.
D) the union must find a way to ration jobs among the excessive number of workers who wish to work at the negotiated wage.
2) Refer to the above figure. Under monopsony, the wage rate will be
A) WI B) W2. C) W3 d) W4
3)Compared to the distribution of money income, the distribution of wealth is
A) much less equal. B) about the same. C) a little more equal. D) much more equal.
4) A problem with the egalitarian principle of income distribution is
A) its potential to make income less equal.
B) its potential to kill the incentive to work hard.
C) its potential to make everyone happy.
D) none of the above
5) Air pollution is a problem because
A) a market economy does not provide as strong an incentive for environmental cleanup as a socialist economy.
B) people make use of air without having to bear all the costs of their actions.
C) people are greedy.
D) people are not environmentally conscious.
6) When nations specialize according to their comparative advantage
A) Total production and consumption in the world increase.
B) Total world production rises but total consumption in the world declines.
C) Consumption rises in one country but must fall in all others.
D) none of the above
1) Suppose a union successfully negotiates a wage rate for its members that is above the competitive wage rate. Then, A) the union must find a way to make union workers more productive. B) the union must also negotiate a fringe-benefit package that the membership will like. C) employment in the union sector will increase. D) the union must find a way to ration jobs among the excessive number of workers who wish to work at the negotiated wage. 2) Refer to the above figure. Under monopsony, the wage rate will be A) WI B) W2. C) W3 d) W4 3)Compared to the distribution of money income, the distribution of wealth is A) much less equal. B) about the same. C) a little more equal. D) much more equal. 4) A problem with the egalitarian principle of income distribution is A) its potential to make income less equal. B) its potential to kill the incentive to work hard. C) its potential to make everyone happy. D) none of the above 5) Air pollution is a problem because A) a market economy does not provide as strong an incentive for environmental cleanup as a socialist economy. B) people make use of air without having to bear all the costs of their actions. C) people are greedy. D) people are not environmentally conscious. 6) When nations specialize according to their comparative advantage A) Total production and consumption in the world increase. B) Total world production rises but total consumption in the world declines. C) Consumption rises in one country but must fall in all others. D) none of the aboveExplanation / Answer
1.B) the union must also negotiate a fringe-benefit package that the membership will like.
2.d) W4
3.A) much less equal
4.B) its potential to kill the incentive to work hard
5.D) people are not environmentally conscious
6.B) Total world production rises but total consumption in the world declines.
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