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Quantity of Required  Labor Supplied Wage Rate1 $6.0029.00312.00415.00518.00621.00724.00827.00930.001033.00\begin{array}{l}\begin{array} {lll } \text {Quantity of }&\text {Required }\\\text { Labor Supplied}&\text { Wage Rate}\\\hline 1 &\ \$ 6.00 \\2 & 9.00 \\3 & 12.00 \\4 & 15.00 \\5 & 18.00 \\6 & 21.00 \\7 & 24.00 \\8 & 27.00 \\9 & 30.00 \\10 & 33.00\\\end{array}\end{array} -According to the above table,the marginal factor cost of the seventh worker is


A) $24.00.
B) $126.00.
C) $42.00.
D) $168.00.

E) B) and D)
F) A) and B)

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A closed shop is a


A) strike by a union in sympathy with another union's strike or cause.
B) dispute involving two or more unions over which should have control of a particular jurisdiction.
C) business enterprise in which employees must belong to the union before they can be hired and must remain in the union after they are hired.
D) legal environment in which businesses may hire nonunion members conditional on their joining the union by some specified date after employment begins.

E) B) and C)
F) A) and B)

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To reduce labor surplus above the equilibrium union wage level,a union may do all of the following EXCEPT


A) lengthen apprenticeship period.
B) assign jobs based on seniority.
C) limit the number of new members accepted.
D) encourage nonunion members to join the union.

E) B) and C)
F) None of the above

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Bilateral monopoly exists when


A) a single buyer confronts a single seller.
B) there are two monopolistic buyers trying to buy resources.
C) two labor unions are trying to represent the same group of workers.
D) a firm is both a monopoly in its output market and a monopsonist in its input market.

E) A) and C)
F) B) and C)

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-Refer the above figure.An increase in labor productivity is likely to stimulate and shift the labor demand curve to A) the right and hence increase union wages per year. B) to the left and hence increase union wages per year. C) the right and hence lower union wages per year. D) None of the above is likely to happen. -Refer the above figure.An increase in labor productivity is likely to stimulate and shift the labor demand curve to


A) the right and hence increase union wages per year.
B) to the left and hence increase union wages per year.
C) the right and hence lower union wages per year.
D) None of the above is likely to happen.

E) B) and D)
F) All of the above

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The figure supports all of the following statements regarding the marginal factor cost curve for a monopsonist EXCEPT The figure supports all of the following statements regarding the marginal factor cost curve for a monopsonist EXCEPT A) the monopsonist firm looks at a marginal cost curve,MFC,which slopes upward and is above its labor supply curve. B) the marginal benefit of hiring additional workers is given by the firm's MRP curve. C) the intersection of MFC with MRP,at point E,determines the number of workers hired. D) a monopsonist cannot find the profit-maximizing quantity of labor demanded at E.


A) the monopsonist firm looks at a marginal cost curve,MFC,which slopes upward and is above its labor supply curve.
B) the marginal benefit of hiring additional workers is given by the firm's MRP curve.
C) the intersection of MFC with MRP,at point E,determines the number of workers hired.
D) a monopsonist cannot find the profit-maximizing quantity of labor demanded at E.

E) B) and D)
F) None of the above

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When it comes to productivity,some economists argue that


A) unions have caused a decrease in productivity by excessive staffing and makework requirements.
B) through the use of featherbedding unions have been responsible for productivity increases.
C) the passage of the Taft-Hartley Act has led to a significant decrease in productivity.
D) the union's insistence on profitability laborsaving devices has led to an increase in productivity.

E) A) and C)
F) None of the above

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Distinguish between a closed shop and a union shop.Are either or both shops legal? Explain.

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A closed shop is a situation in which a ...

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If a union succeeds in forcing employers in a perfectly competitive product market to increase wages above the equilibrium level,then the level of unemployment


A) will increase.
B) will remain constant.
C) will decrease.
D) may increase or decrease.

E) A) and C)
F) A) and B)

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Deregulation has contributed to


A) an increase in union membership.
B) declines in union membership.
C) higher wages in unions.
D) an increase in union power.

E) All of the above
F) A) and D)

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If a firm is a union shop,then


A) a worker may elect to either join or not join the union.
B) only workers who have been union members for two years may be employed.
C) only union members may be employed by the firm.
D) a non-union worker may be hired but must join the union within a certain time period.

E) None of the above
F) B) and C)

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Under monopsony,marginal factor cost is


A) equal to the wage rate.
B) below the wage rate but increases as more workers are hired.
C) greater than the wage rate.
D) downward sloping.

E) None of the above
F) C) and D)

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A monopsonistic employer faces a


A) perfectly elastic labor supply curve.
B) perfectly inelastic labor supply curve.
C) MFC curve that is greater than the wage rate at each quantity of labor.
D) MFC curve that is less than the wage rate at each quantity of labor.

E) A) and C)
F) C) and D)

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A jurisdictional dispute is a


A) strike by a union in sympathy with another union's strike or cause.
B) dispute involving two or more unions over which should have control of a particular jurisdiction.
C) business enterprise in which employees must belong to the union before they can be hired and must remain in the union after they are hired.
D) legal environment in which businesses may hire nonunion members conditional on their joining the union by some specified date after employment begins.

E) B) and C)
F) B) and D)

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A bilateral monopoly exists when there is a


A) single buyer and many sellers in the market.
B) single seller and many buyers in the market.
C) large number of buyers and sellers in the market.
D) single buyer and a single seller in the market.

E) B) and C)
F) A) and C)

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A bilateral monopoly means


A) that a monopsonistic employer bargains with two unions.
B) that a monopsonistic employer bargains with both an industrial and a craft union.
C) that a monopsonistic employer bargains with a monopoly.
D) that an industrial union bargains with a two-firm oligopoly.

E) A) and D)
F) C) and D)

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Which of the following is NOT correct regarding the status of U.S.labor unions?


A) Today fewer than one in eight workers is a union member.
B) A key reason for the decline in union membership is the relative decline in manufacturing jobs as a share of total employment.
C) Greater domestic and global competition has had a part in bringing about a decline in unions.
D) Global trade has increased the number of union members in the United States.

E) A) and D)
F) All of the above

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A union can achieve higher wages without accepting lower levels of employment of members by


A) promoting right-to-work laws.
B) increasing the demand for substitute products made by non-union labor.
C) increasing conflicts with management.
D) beginning a campaign against buying foreign imports.

E) None of the above
F) C) and D)

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Negotiations between the management of a company and the management of a union for the purpose of setting a mutually agreeable contract on wages,fringe benefits and working conditions for all employees in a union is know as


A) a closed shop.
B) a union shop.
C) collective bargaining.
D) an industrial union.

E) A) and C)
F) A) and D)

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Which of the following is legal under the Taft-Hartley Act?


A) Closed shops
B) Collective bargaining
C) Secondary boycotts
D) Sympathy strikes

E) None of the above
F) A) and B)

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