If You Paid $7

question 31

Multiple Choice

If you paid $7.00 to go to a movie in 2006, what will the price of this movie be in the year 2011 if inflation averages 6 percent?

• A) $5.12
• B) $5.23
• C) $9.37
• D) $9.73

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Definitions:

Inclusive Unions

Labor unions that aim to represent a broad spectrum of workers, regardless of occupation, industry, or demographic characteristics.

Exclusive Unions

Labor unions that require all employees in a bargaining unit to become members of the union as a condition of employment.

Above-equilibrium

A market condition where the price of a good is set higher than the equilibrium price, leading to a surplus of the good.

Independent Unions

U.S. unions that are not affiliated with the AFL-CIO or Change to Win.