There Is a Clear Consensus Among Economists That Unions Are

question 25

Multiple Choice

There is a clear consensus among economists that unions are

• A)good for the economy because they result in higher wages for most workers.
• B)good for the economy because they are a necessary antidote to the market power of employers.
• C)bad for the economy because they are cartels and therefore detrimental to an efficient allocation of resources.
• D)None of the above is correct;there is no clear consensus among economists about whether unions are good or bad for the economy.

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Definitions:

Population

In statistics, the entire pool from which a statistical sample is drawn.

Variance

A statistical measure of the dispersion of data points in a data set, showing how far each point in the set is from the mean and from each other.

Normal Probability Distribution

A bell-shaped curve that is symmetric about the mean, describing how the values of a variable are distributed, indicating most data falls close to the mean.

Sampling Distribution

The probability distribution of a given random-sample-based statistic.