Refer to the Following Diagram

question 21

Multiple Choice

refer to the following diagram. Wages in both the union and nonunion sectors are initially $10. The union then negotiates a wage rate of $12. The post-negotiation nonunion wage is not yet known.
-The pure union wage advantage in this market is:

• A)20%
• B)25%
• C)$2
• D)More information is needed

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Definitions:

Quantitative Data

Numerical data that quantifies an object or event, which can then be subjected to statistical analysis.

Range

The difference between the highest and lowest values in a set of data.

Stacked Bar Chart

A bar chart in which each bar is broken into rectangular segments of a different color showing the relative frequency of each class in a manner similar to a pie chart.

Stem-and-Leaf Display

A method of displaying quantitative data in a graphical format, similar to a histogram, to show distribution properties.