If Unions Are Successful at Increasing Union Wages,it Will

question 155

Multiple Choice

If unions are successful at increasing union wages,it will

• A) increase wages and employment in the union sector.
• B) increase wages and decrease employment in the union sector.
• C) increase wages and employment in the non-union sector.
• D) increase wages and decrease employment in the non-union sector.

Distinguish between comparative and absolute advantage in the context of opportunity cost and productive efficiency.

Identify factors leading to economic growth and shifts in the PPF.

Assess how societal values and resource limitations influence economic choices and trade-offs.

Explain how increasing returns to scale in agriculture and shifts in societal roles influence economic outcomes.

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Definitions:

Output Growth

The increase in the amount of goods or services produced by an economy over a period.

Production Possibilities Curve

A graphical representation showing the maximum number of goods or services that can be produced in an economy given available resources and technology.

Scarce Goods

Items that are limited in availability compared to the desires of people to possess them, requiring mechanisms like pricing or rationing to distribute them.

Unlimited Wants

The economic concept that humans have infinite desires or wishes for goods and services, despite having limited resources.