Say the Average Increase in Pay for Non-Union Workers in 2011

question 3

Multiple Choice

Say the average increase in pay for non-union workers in 2011 is 2% across the U.S. If a workers' union successfully negotiates a 3 year collective agreement that provides a 4.5% raise in 2011, and a 4.3% raise in 2013, then the for-profit employer will typically

• A) begin to fire its older union workers.
• B) replace union workers with non-union workers.
• C) curtail expansion of labor as a trade-off.
• D) replace union workers with foreign workers.

Understand strategies to maximize chances of winning in situations of statistical disadvantage.

Grasp the concept of regression toward the mean for extraordinary events.

Identify illusory correlations and understand their implications for perception of relationships.

Understand the roles and responsibilities of nurses in various contexts.

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Definitions:

Equilibrium Price

The cost point where the amount of a product or service consumers want to buy matches the amount available, resulting in a balanced market.

Equilibrium Quantity

The quantity of goods or services supplied equals the quantity demanded at the market equilibrium price.

Efficiency

The optimal use of resources to achieve the desired outcome with minimal waste or effort.

Equity

Refers to fairness or justice in the distribution of wealth, resources, and opportunities.