Author Question: If the United Auto Workers successfully negotiates a wage that is higher than the competitive wage, ... (Read 119 times)

sdfghj · **on:** Jun 30, 2018

If the United Auto Workers successfully negotiates a wage that is higher than the competitive wage,
a. there is no excess supply of labor because everyone who wants to work at the union wage can get a job
b. there is no excess demand for labor because everyone who wants to work at the union wage can get a job
c. the union must ration the available jobs
d. all workers are better off
e. more workers are employed than at the competitive wage

Question 2

The rate at which two countries trade one good for another
a. is known as the foreign exchange rate
b. is known as the terms of trade
c. is known as the export line
d. equals the slope of the import line
e. equals the common slope of the countries' production possibilities frontiers