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Terms in this set (10)In a market economy, what determines the market value of labor? supply and demand In March 2019, Mike Trout signed a 12-year, $430 million contract to play baseball. Which of the following are reasons that top baseball players like Trout are paid so highly? (choose all that apply) There are few individuals who are talented enough to become a top baseball player. In 2018, the average annual income for all occupations in the United States was $51,960 Which of the following would increase the market value of engineers? (choose all that apply) An increase in demand for engineers. The average annual income for lawyers in 2018 was $144,230, well above the national average. Which of the following are possible reasons their income was so high? (choose all that apply) Becoming a lawyer requires many years of expensive education and training. Hazlitt argues that "emotional economics has given birth to theories that calm examination cannot justify." Which of the following are theories that have resulted from emotional economics? (choose all that apply) Labor is underpaid generally. Hazlitt argues that "the power of labor unions to raise wages over the long run and for the whole working population ________________." has been greatly exaggerated Hazlitt argues that wages are determined by labor productivity. What does he say is the reason that workers, in most cases, are paid their full economic worth? employers compete over employees, driving up their wages. When someone improves their skills through education or experience, it's known as a(n) ___________ in human capital. investment Which of the following are tactics used by labor unions to force businesses to accept their demands? (choose all that apply) picketing Recommended textbook solutions
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ECONOMICS Explain the significance of foreign exchange, foreign exchange rate, fixed exchange rates, flexible exchange rates, floating exchange rates, trade deficit, trade surplus, and trade-weighted value of the dollar. Verified answer
ECONOMICS Search your local newspaper for local clothing stores ads. You should find at least two different ads. Describe how the advertisements succeed or fail to differentiate the products. Verified answer ECONOMICS The information in many of the tables in this chapter can be found in the Economic Report of the President, which appears annually. Using a recent issue of the report at your library or on the Internet, answer the following questions and provide some numbers to support your answers. (Hint: The website of the Government Printing Office is http://www.gpo.gov.) a. Looking at the combined revenue of the federal government and state and local governments, how has the composition of total revenue changed over time? Are personal income taxes more or less important? Social insurance taxes? Corporate profits taxes? c. Looking at the combined expenditures of the federal government and state and local governments, how have the relative shares of transfer payments and purchases of goods and services changed over time? Verified answer
ECONOMICS A normal population has a mean of 20.0 and a standard deviation of 4.0. a. Compute the z value associated with 25.0. b. What proportion of the population is between 20.0 and 25.0? c. What proportion of the population is less than 18.0? Verified answer Other Quizlet setsBioethics Test 210 terms sma15t NSG 2525 EXAM 380 terms Efraley31 Chapter 5 Collaboration Review Questions10 terms hgribble ACG EXAM 1 ch.315 terms jaime_luckey Related questionsQUESTION It is very common to see the unemployment rate actually increase as the economy begins to recover (i.e., after the trough). What causes the unemployment rate to rise at this time? 3 answers QUESTION Between 1982 and 2002, U.S. GDP per capita grew at an average rate of 2.2 percent per year 2 answers QUESTION What are five challenges faced by Micro-Drip when they try to sell the plot-sized drip system to farmers in Pakistan? 3 answers QUESTION What has been our primary concern in thinking about optimal tax policy? 2 answers What tactics did labor unions employ to improve working conditions?The tactics available to the union include striking, picketing, and boycotting. When they go on strike, workers walk away from their jobs and refuse to return until the issue at hand has been resolved.
What were some strategies companies used against unions quizlet?Companies used lockouts; they locked workers out of the property and refused to pay them. If the union called a strike, employers would hire replacements, or strikebreakers.
How did employers respond to the growth of labor unions?As the unions' membership grew and they began making more demands, the employers' dislike of unions resurfaced accordingly. In other words, class conflict once again emerged, which soon led to organized opposition to unions within the very same employer associations that had been created to encourage trade agreements.
Were the labor unions successful Why or why not?Some unions, like the Knights of Labor, tried accommodation and worked on getting new laws passed. Most other unions continued using strikes. Unions were not successful because they did not have enough members, legislators would not pass effective laws, and the courts supported the business owners.
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Which of the following are tactics used by labor unions to force businesses to accept their demands?
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