QUIZ

Why economists would advocate for a carbon tax over a renewable portfolio standard to address greenhouse gas emissions?
October 31, 2020
Corporate Finance
October 31, 2020

1 – Which of the following is NOT a wage or employment strategy that a union would follow?

A – Set a wage rate that will maximize the income of only some of its members

B – Set a wage rate such that all workers that want to find a job can find a job

C – Set a maximum wage rate such that a shortage of workers will result

D – Set a wage rate that will maximize the income of its members

 

2 – Laws that outlaw union shops and which may be passed (or not) by individual states are called

A – pro-scab laws

B – Smoot-Hawley laws

C – right-to-work laws

D – free-rider laws

 

3 – A firm that is a monopolist in the output market and a monopsonist in the input market

A – will hire less labor and pay a lower wage compared to the perfectly competitive case

B – will hire less labor but pay the same wage compared to the perfectly competitive case

C – will hire the same amount of labor as if perfect competition prevailed in both markets, but pay a lower wage

D – will restrict the level of output but not that of employment compared to the perfectly competitive case

 

4 – The 1935 Act granting workers the right to form unions and bargain collectively is known as

A – the Wheeler Act

B – the Taft-Hartley Act

C – the National Labor Relations Act or Wagner Act

D – the Modernization Act

 

5 – A firm that is a monopsonist in the labor market and a monopolist in the product market will hire labor to the point at which

A – a perfectly elastic labor supply = MRP

B – where supply of labor = demand for labor

C – MFC = MRPm

D – a perfectly inelastic labor supply = perfectly inelastic labor demand

 

Refer to the above ?gure Suppose there are L4 workers in the union lt the union wants to set a wage rate of W3, it must
0 accept that L4 — L2 members will not be able to ?nd work in the industry 0 determine the mast et?cientway to get the ?rms to accept the wage and hire all L4 workers
0 accept that L3 — L2 workers will have to get a tower wage equal to W2 and L4 — L3 workers will have to get a wage of W1
0 determine which of its members will earn W3 and which will earn W1

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