Although the % Began to Fall, the Number of Union

question 26

Multiple Choice

Although the % began to fall, the number of union members continued to grow from 17 million in 1954 to a peak of ____ million in 1978.

• A) 15.7
• B) 33.4
• C) 18.7
• D) 20.2

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Definitions:

Invisible Hand

A metaphor introduced by Adam Smith to describe unintended social benefits resulting from individual actions.

Dictator Game

Rephrased: An experiment in behavioral economics where an individual (termed the "dictator") decides the allocation of a certain resource or amount of money between themselves and a second participant, without any enforceable consequences.

Ultimatum Game

A game in experimental economics where a proposer is given a sum of money to split with a responder; if the responder rejects the offer, both players get nothing, highlighting negotiation and fairness perceptions.