Craft Unions Have Typically Been Most Effective in Raising Wage

question 35

Multiple Choice

Craft unions have typically been most effective in raising wage rates by

• A) legislating a minimum wage rate above the competitive equilibrium level.
• B) increasing the demand for labor of union members.
• C) decreasing the supply of labor through licensing and training requirements.
• D) organizing all of the employees in a factory or industry and demanding wage hikes.

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Definitions:

Present Value

The current financial worth of a prospective amount of money or sequence of monetary flows, considering a set rate of return.

Annuity

An investment vehicle that provides a steady flow of payments to a person, often utilized as a source of income for those in retirement.

Equivalent

Being equal in value, function, or meaning, often used in comparisons or equivalency assessments.

Lease Financing

A method of funding for acquiring assets, where the item is leased rather than purchased outright, often with an option to buy at the end.