1. Which statement is true with respect to the two basic ways that unions have of exerting power?
A. Only inclusion leads to higher wages.
B. Only exclusion leads to higher wages.
C. Both inclusion and exclusion lead to higher wages.
D. Neither inclusion nor exclusion leads to higher wages.


2. A monopsony is:
A. the seller of a product for which there are no close substitutes.
B. the buyer of a product for which there are no close substitutes.
C. both the seller and buyer of a product for which there are no close substitutes.
D. neither the seller nor buyer of a product for which there are no close substitutes.

3. Collective bargaining agreements in the United States generally:
A. are negotiated for only a 1-year period.
B. are very detailed and specify wages levels and fringe benefits for a period of 2-3 years.
C. cover wages only.
D. are negotiated for only a 6-month period.


4. In 1991, the base year, you were earning $350/week. Your wages rose to $450 in 2000, the current year, when the Consumer Price Index stood at 135. What statement can you make about what happened to your real wages over this period?
A. They rose.
B. They fell.
C. They remained the same.
D. There is not enough information to determine whether they rose, fell, or remained the same.

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