Myron Worked at a Factory Where He Earned $20,000 Per

question 39

Multiple Choice

Myron worked at a factory where he earned $20,000 per year.One day,he quit his job and opened a bumper sticker business.After one year,his business earned $60,000 in sales revenue and he incurred $30,000 in direct business expenses.If he received no salary from the new business,what is his economic profit?

• A)$10,000
• B)$30,000
• C)$60,000
• D)$20,000
• E)$50,000

Recognize the current debates and proposed changes in labor law reform, including the National Labor Relations Act (NLRA).

Identify strategies and goals of solidarity unionism and its contrast to traditional business unionism.

Analyze the criticisms of U.S. labor law by organized labor and proposed modifications to better protect worker interests.

Understand the concept of nonmajority and members-only unions and how they differ from majority union models.

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Definitions:

Transfer Payments

Cash payments made by the government to people who do not supply goods, services, or labor in exchange for these payments. They include Social Security benefits, veterans’ benefits, and welfare payments.

Economic Growth

An increase in the production of goods and services in an economy over a period of time, indicated by a rise in real GDP.

Household Income

The combined gross income of all members of a household, encompassing wages, salaries, benefits, and other income streams.

Wages

Compensation provided to employees for their work, often determined based on the number of hours, days, or items produced.