The accumulated skill and knowledge of human beings is called _________.

human worth
education
the opportunity cost of education
human capital

A labor union _______ competition and _______ the wage rate of its members.

restricts; decreases
increases; increases
increases; decreases
restricts; increases

A unionized group of workers with similar skills but who work for different firms and industries is called a _____________.

labor union
skill union
industrial union
craft union

An industrial union is a group of workers who have _______ skills and work for _______ firm or industry.

different; a different
similar; a different
similar; the same
different; the same

The largest union in the United States is the ___________.

USWA
IBEW
UAW
Teamsters

Negotiations between unions and their employers or employer representatives _________________.

is binding arbitration
occurs only in a closed shop
is an injunction
is collective bargaining

A market structure that has only one buyer is a __________________.

monopolistic monopsony
monopolistic competition
monopoly
monopsony

When a union faces a monopsony buyer, a _______ exists.

monopoly
problem
monopolistic monopsony
bilateral monopoly

Wage differentials between the sexes can be explained ___________________.

because there are more women than men in the work force
because men pay higher income taxes than women
totally by discrimination
in part, by discrimination

Paying the same wage for different jobs that are judged to be comparable is called _______________.

equity legislation
human rights equity
comparable pay
comparable worth

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