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10-12 ConsiderTable 632 in the 2008 U.S. Statistical Abstract. a. Calculate the union wage effect. Calculate the union effect on total benefits. Calculate the union effect on total compensation. Union wage effect (21.91-17.66)/17.66=24.00 Union effect on total benefits (13.69-6.85)/6.85=99.9% Union effect on total compensation (35.60-24.52)/24.52=45.20% b. Note that for nonunion workers, retirement and savings increase total compensation by 75 cent per hour, with 60 percent of this expense coming in defined contribution retirement plans. In contrast, retirement and savings add $2.57 to the hourly compensation of union workers, and over three-fourths of this comes in the form of defined benefits and defined contribution plans. What is the difference between defined benefit and defined contribution plan? Why might a union prefer (and be able to negotiate) more compensation in defined benefits plans than defined contribution plans?
Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.
Some commentators have argued that the failure of the “Super committee” is good thing for the economy? Do you agree?
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Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:
Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..
"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"
Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"
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