Unions

question 40

Multiple Choice

Unions

• A)do not affect the natural rate of unemployment.
• B)lower the wages of unionized workers.
• C)raise the profits of unionized firms.
• D)lower the wages of workers in industries without unions.

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Definitions:

Firms

Business organizations that use resources to produce goods or services for sale with the aim of making a profit.

Transfer Payments

Payments made by the government to individuals, without any expectation of a direct return or exchange of goods or services.

GDP

Gross Domestic Product; a measure of the economic performance of a country, representing the total value of all goods and services produced over a specific time period.

GDP

Gross Domestic Product, a measure of the total economic output of a country, representing the value of all goods and services produced over a specific time period.