The estimates of the output loss (or welfare loss) attributed to unionism in the United States undertaken by Albert Rees are now 50 years old. How large would you estimate the welfare loss to be today, both in absolute (S) terms and as a percentage of GNP? You may use the following information for your calculations: na (elasticity of labor demand) = -1 (in both the union and nonunion sectors) • Union density rate = 0.10 (10%)

Consider two states that adopt different laws concerning labor unions. The following graph shows the labor market in a state in the North. Initially, the market-clearing wage there is $10.00 per hour. Suppose that the legislature in this northern state passes laws that make it easy for workers to join a union. Through collective bargaining, the union negotiates a wage of $12.50 per hour. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Graph Input Tool Market for Labor 20.0 I Wage (Dollars per hour) 17.5 Supply 2.50 Labor Demanded (Thousands of workers) Labor Supplied (Thousands of workers) 15.0 875 125 12.5 10.0 7.5 Demand 5.0 2.5 125 250 375 500 625 750 875 1000 LABOR (Thousands of workers) Enter $12.50 into the box labeled Wage on the previous graph. Hint: Be sure to pay attention to the units used on the graph. At the union wage, 375,000 union workers will be employed. The following graph shows the…

Consider two states that adopt different laws concerning labor unions. The following graph shows the labor market in a state in the North. Initially, the market-clearing wage there is $8.00 per hour. Suppose that the legislature in this northern state passes laws that make it easy for workers to join a union. Through collective bargaining, the union negotiates a wage of $10.00 per hour. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. 020040060080010001200140016001614121086420WAGE (Dollars per hour)LABOR (Thousands of workers)Demand Supply  Graph Input Tool   Market for Labor     Wage (Dollars per hour)           Labor Demanded (Thousands of workers)       Labor Supplied (Thousands of workers)     Enter $10.00 into the box labeled Wage on the previous graph. Hint: Be sure to pay attention to the units used on the graph. At the union wage, union workers will be employed.…

The British-based organization--it presently lists more than 70 corporate members plus trade unions and NGOs--that focuses on MNEs' employment practices is called the ________. A) World Trade Organization   B) International Monetary Fund   C) International Labor Organization   D) National Labor Union   E) Ethical Trading Initiative