Unions Tend to Want Import Restrictions Because

question 250

Multiple Choice

Unions tend to want import restrictions because

• A) imports are usually of inferior quality.
• B) they can increase the wages for union workers by increasing the productivity of union workers when the workers aren't worried about foreign competition.
• C) the restrictions also reduce the number of immigrants that can enter the country and decrease the supply of nonunion labor.
• D) the restrictions decrease the demand for non-union made goods, increasing the demand for union made goods.

Acknowledging the need for sensitivity analysis in assessing project risk.

Knowing the implications of financing decisions, such as the treatment of interest on debt, on project cash flows.

Understanding the tax implications and benefits of capital cost allowance (CCA) in project financing.

Understand the necessity and processes of exchange in economies.

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Definitions:

Variable Input

An economic term describing a factor of production whose quantity can vary based on the level of output or production.

Marginal Revenue Product

The extra income produced through the use of an additional unit of an input, such as labor or capital.

Competitive Labor Market

A labor market where numerous businesses actively seek to hire workers, and numerous workers seek jobs, ensuring balanced job availability and wage rates based on skills and experience.

Wage Rate

The amount of compensation paid to employees for a unit of work or time, often expressed as an hourly rate.