Which of the Following Is NOT the Primary Method That

question 56

Multiple Choice

Which of the following is NOT the primary method that unions use to raise wages?

• A) restricting their membership
• B) threatening to strike unless employers hire union labor
• C) reducing the supply of labor to an industry
• D) lobbying the government to increase the minimum wage

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Definitions:

Absolute Advantage

The ability of an individual, company, or country to produce a good or service at a lower cost per unit than the cost at which any other entity produces that good or service.

Producing Goods

The process of creating tangible products that satisfy consumer needs and wants through the utilization of labor, capital, and raw materials.

Opportunity Cost

The cost of an alternative that must be forgone in order to pursue a certain action or the benefits you miss out on when choosing one alternative over another.

Best Alternative

The Best Alternative usually refers to the most favorable option or choice that is available to an individual or organization from a set of possibilities.