Unions Often Attempt to Obtain Stricter Certification Requirements And/or Longer

question 43

Multiple Choice

Unions often attempt to obtain stricter certification requirements and/or longer apprenticeships. These changes will tend to raise union workers' wages because they

• A) create unnecessary unemployment.
• B) shift the labor supply curve leftward.
• C) decrease the marginal product of labor.
• D) increase the demand for the product.

---

Definitions:

Collateral Agreements

Contracts that pledge an asset as security for the repayment of a loan, providing a lender a form of protection against the borrower's default.

Unsecured Debt

Debt that is not backed by any collateral, meaning if the borrower defaults, the lender has no secured asset to claim for repayment.

Mortgage

A loan typically used to purchase property or real estate, where the property itself serves as collateral for the loan.

Title

The legal right to own, use, or dispose of something, particularly property or intellectual property.