Chapter 28—Wages, Unions, and Labor .doc

Chapter 28—Wages, Unions, and Labor .doc - Chapter...

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Chapter 28—Wages, Unions, and Labor MULTIPLE CHOICE 1. Which of the following is a possible objective of labor unions? 2. If a union seeks to maximize the total wage bill received by its members, then it should negotiate the 3. If a union seeks to maximize the total wage bill received by its members, then it 4. Unions generally call for ______________________ the barriers against foreign trade, as a way of _________________________ the elasticity of demand for union labor. 5. Unions often encourage the buying public to "look for the union label" primarily because 6. Labor unions generally favor 7. Union training programs are meant to shift the _________________ labor to the __________________. 8. If union action leads to a rise in the relative price of factors that are substitutes for union labor, Exhibit 28-1 9. Refer to Exhibit 28-l. Four demand curves for labor are displayed: D 1 , D 2 , D 3 , and D 4 . Which provides the most pronounced wage-employment tradeoff? 10. Refer to Exhibit 28-l. Four demand curves for labor are displayed: D 1 , D 2 , D 3 , and D 4 . Which provides the least pronounced wage-employment tradeoff?
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11. Sometimes labor unions try to increase the demand for the product they produce. They do so because the demand for labor is derived; and the ___________________ the demand for the product labor produces, the _____________________labor and the ____________________ wages will be, ceteris paribus . 12. Unions are interested in increasing the productivity of their members because as their productivity rises, the __________________ their labor ___________________ and their wages ____________________. 13. A closed shop is an organization 14. The closed shop was prohibited by the 15. A union shop is an organization that 16. Right-to-work laws 17. In collective bargaining, Exhibit 28-2 18. Refer to Exhibit 28-2. The union wants management to believe the supply curve of labor is S'S instead of SS. What does supply curve S'S say? 19. Refer to Exhibit 28-2. One of the things that the labor union probably can do to convince management that the supply curve is S'S instead of SS is 20. A single buyer in a factor market is known as a 21. If a firm is a monopsony, then it 22. Which of the following comes closest to being a monopsony? 23. If a firm is a monopsonist, then it faces
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24. If a monopsonist is hiring factors, it will choose to hire that quantity at which ____________________ and pay a wage rate that is ______________________. 25. Which of the following is true for a monopsony? 26. If a labor union successfully practices collective bargaining against a monopsonist, then 27. The marginal factor cost of labor for a monopsonist is Exhibit 28-3 28. Refer to Exhibit 28-3. Consider the monopsony setting. In the absence of collective bargaining, what wage rate does the profit-maximizing monopsonist pay? 29. Refer to Exhibit 28-3. Consider the monopsony setting. In the absence of collective bargaining, what quantity of labor does the profit-maximizing monopsonist hire? 30. Refer to Exhibit 28-3. In the absence of collective bargaining, if the profit-maximizing monopsonist were to pay workers what their services were worth to it, it would pay 31. Research by H. Gregg Lewis shows that over the period 1929-1979, 32. Assuming the wage-employment tradeoff exists, if labor in a particular geographic area is homogeneous
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