It Is Estimated That, on the Average and Without Taking

question 31

Multiple Choice

It is estimated that, on the average and without taking account of skill differentials, union wages are

• A)66 percent higher than nonunion wages.
• B)100 percent higher than nonunion wages.
• C)10 to 25 percent higher than nonunion wages.
• D)less than nonunion wages.
• E)equal to nonunion wages.

---

Definitions:

Business Cycle

The fluctuation in economic activity that an economy experiences over a period of time, consisting of expansion (growth) and contraction (recession) phases.

High Point

The highest value or peak that an economic indicator or a market index reaches over a specific time period.

Capital Goods

Long-lasting goods used in the production of other goods or services, such as buildings, machinery, and equipment.

Money Supply

This refers to the total amount of monetary assets available in an economy at a specific time.