During the Past Several Decades, Union Membership in the U

question 44

Multiple Choice

During the past several decades, union membership in the U.S.has _______________.

• A)declined overall
• B)declined only in the public sector
• C)declined only in the private sector
• D)increased overall

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Definitions:

Socially Optimal

A state or outcome that is considered the most efficient and beneficial for society as a whole, often in terms of resource allocation or welfare.

External Cost

Costs of an economic activity that are not borne by the parties involved but are instead imposed on others or society at large.

Private Value

The value of a good or service to an individual or firm for personal use, as opposed to its value to society or the economy at large.

Socially Optimal

A situation or outcome that is best from the society's point of view, where social welfare, including benefits and costs, is maximized.