27- Flashcards
Labor unions did not become traditional or popular institutions until the
1940’s
The predecessor to the AFL was the
Knights of Labor
The national Labor Relations Act was passed in
1935
The _____ Act allows states to enact “right-to-work” laws
Taft-Hartley
The “bill of rights” for union members and a provision of union election procedures were 2 of the main provisions of the ___ Act.
Landrum-Griffin
“Right-to-Work” laws
make it harder for unions to organize
Union members has been hurt in recent decades by the decline in manufacturing.(T/F)
true
Musicians’ union is a industrial union.(T/F)
false
The act that supported union organizing was the
National Labor Relations Act
The job for ____ is to impose a settlement.
an arbitrator
Most strikes
cause little economic disruption.
The ____ Act supported union organizing while the ___ Act protected “employers’ Rights.”
Wagner, Taft-Hartley
At its peak labor union membership was about ___% of the labor force.
25
The establishment of “right-to-work” laws came about with the passage of the
Taft-Hartley Act
Statement 1: One reason unions have declined as a percent of the workforce is that workers have shifted from manufacturing to service industries, which are harder to oganize. Statement 2: The AFL and the CIO merged in 1955. (T/F)
True
____Act set forth a list of “employers’ rights”
The Taft-Hartley and the National Labor Relations
You are most likely to be a union member if you
are a government employee
The number of labor union members reached its peak in the decade of the
1970s
The threat of a strike provides the motivation necessary to make collective bargaining work.(T/F)
true
An example of an exclusive union would be
the Professional Air Traffic Controllers Organization.
The year that had the worst strikes was
1946
A closed shop
is an arrangement unions have with employers limiting employment to union members only.
A union composed of members with the same trade or occupation is called
a craft union
The Taft-Hartley Act is viewed as anti-labor and the Wagner Act is viewed as pro-labor.(T/F)
true
Today a college graduate earns about $____ while a high school graduate earns about $___.
51,000;28,000
In 1991, the base year, you were earning $350/week. Your wages rose to $450 in 2000, the current year, when the Consumer Price Index stood at 135. What statement can you make about what happened to our real wages over this period?
they fell
The backward-bending labor supply curve includes each of these variables except
the savings effect
A firm’s demand for labor is
its MRP schedule
If Jason were offered a job as an accountant at $30,000 and a job as a running back for the Oakland Raiders at $300,000, and he would have been willing to accept the latter even if it paid as little as $50,000, he would be receiving economic rent of
$250,000
An effective minimum wage is set
above the equilibrium level
Which statement is true about incomes in the US?
there is a wide disparity of income.
Some conservative economists want to help more teenagers to find jobs by
lowering the minimum wage rate for teenagers.
Virtually no one today earns economic rent.(T/F)
false
The amount a person earns over and above the amount he/she would be wiling to work for is called
economic rent
The reason U.S. workers were better paid than foreign workers during the 1950’s and 1960’s is
we had more capital per worker.
Our balance of trade has been negative since the early 1900’s(T/F)
false
If germany can make compact cars more efficiently than Russia, it enjoys
an absolute advantage
most economists
consider tariffs less of an evil than quotas
we have run merchandise trade deficits of over $70 billion since
1983
One thing we can do to reduce trade imbalance in the U.S. would be to
push down the value of the dollar relative to other currencies.
Higher protective tariffs
will become more likely if we do not reduce our trade deficit.
A hollow corporation
imports foreign goods and puts its own name on them.
Which makes the most sense economically?
national specialization
There are several problems causing our huge trade deficit; there are no easy solutions to these problems(most accurate statement)
…
THe chinese economic expansion since the early 1980s and the Japanese economic expansion from the late 1940s through the 1980s were
both dependent on the american market
Imports would lower by
both tariffs and import quotas
Domesic car prices decline; would not be an impact of tariffs imposed on foreign cars.
…
A balance-of-trade surplus exists
if the dollar value of exports exceeds the dollar value of imports.
