Which of the Following Statements Is CORRECT

question 107

Multiple Choice

Which of the following statements is CORRECT?

• A) For the United States, union workers earn 10 to 20 percent more than nonunion workers doing the same work.
• B) Most other industrialized countries have a larger union markup.
• C) The union markup is relatively small for unionized firms in a competitive market.
• D) none of the above

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Definitions:

Income

The financial benefit achieved regularly through employment or committing capital.

Utility Function

A mathematical representation in economics that assigns a value to each possible choice or bundle of goods to reflect the satisfaction or happiness a consumer derives from it.

Consumption

The application of goods and services by domestic units.

Interest Rate

The percentage of a sum of money charged for its use, determining the cost of borrowing or the return on investment.