Question

1.The percentage of the labor force that belongs to a union is known as the

a)Union share ratio.
b)Unionization ratio.
c)Union participation ratio.
d)Unionized percentage ratio.
2.The equilibrium wage rate is determined by
3.The effect of union exclusion of nonunion workers is to
4. A market with one buyer and one seller is a

Answer 1

1) The percentage of the labor force that belongs to a union is known as the UNIONIZED PERCENTAGE RATIO.

2) The equilibrium wage rate is determined by the point of intersection of labor market supply and labor market demand. Equilibrium wage is the wage where the company agrees to pay and the worker agrees as the value of his work.

3) The effect of union exclusion of nonunion workers is to lower the wages of nonunion workers.

4) A market with one buyer and one seller is a bilateral monopoly. Monopoly is a market with only one seller. Monopsony is a market with only one buyer.