1. If a union wishes to maximize the total earnings of its members, then it should...
1. If a union wishes to maximize the total earnings of its members, then it should negotiate to establish the wage rate where the ___________.
A. demand for labor is the most elastic
B. supply of labor is unit inelastic
C. demand for labor is unit elastic
D. supply of labor is the most elastic
2. Following a claim for wages above the equilibrium level, what will happen to the labor supply curve?
A. It will be upward sloping but will shift to the right.
B. It will be upward sloping but will shift to the left.
C. It will have a horizontal section and an upward sloping section.
D. It will be a horizontal line set at the level of the wage claim
3. The Foulkes study found that firms employing nonunion labor experienced each of the following except _____________.
A. lower employee turnover
B. reduced worker loyalty
C. wider acceptance of new technology
D. less absenteeism
4. Relative to a perfectly competitive labor market, a monopsonist will pay __________ wages and employ __________ workers.
A. higher; more
B. higher; fewer
C. lower; more
D. lower; fewer
Homework Answers
1. Option C. As it would help to employ more and also have proportionate increase in wages
2. Option A. Supply increase because of higher wages which shifts the supply curve to right
3. Option B. As it had higher productivity and decreased labor turnover
4. Option D. As it is the single firm to hire labors
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