A) The characteristics of workers, such as their education and experience, the characteristics of jobs, such as their pleasantness or unpleasantness, and the presence or absence of discrimination by employers all determine equilibrium wages.
B) Labor unions, minimum wage laws, and efficiency wages all may increase wages above their equilibrium level.
C) Firms are willing to pay more for better-educated workers as long as there is an excess supply of this type of worker.
D) Discrimination by employers against a group of workers may artificially lower wages for that group below an equilibrium level.
F) None of the above
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A) the marginal product of labor.
B) the marginal product of capital.
C) diminishing marginal returns.
D) a compensating differential.
F) B) and D)
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A) no more than nonunion workers in similar jobs.
B) about 10 to 20 percent more than nonunion workers in similar jobs.
C) about 30 to 40 percent more than nonunion workers in similar jobs.
D) None of the above are correct; no national studies have been conducted to compare the earnings of union workers and nonunion workers.
F) None of the above
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A) workers are efficient.
B) workers have an incentive to shirk their responsibilities to their employers.
C) wages adjust to balance labor supply and labor demand.
D) firms sometimes choose to pay their workers above-equilibrium wages.
F) A) and D)
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A) danger to the worker.
B) personal enjoyment for the worker.
C) intellectual stimulation for the worker.
D) All of the above are correct.
F) C) and D)
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A) International trade has altered the relative demand for skilled and unskilled labor.
B) Changes in technology have altered the relative demand for skilled and unskilled labor.
C) Both a and b are correct.
D) None of the above is correct.
F) A) and B)
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A) 10 to 20 percent more than union workers in similar jobs.
B) 10 to 20 percent less than union workers in similar jobs.
C) 40 to 50 percent more than union workers in similar jobs.
D) 40 to 50 percent less than union workers in similar jobs.
F) A) and B)
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A) has never been documented by reliable evidence.
B) is evident, but it has remained roughly constant over the past 20 years.
C) is evident, but it has diminished over the last 20 years.
D) is evident, and it has widened over the last 20 years.
F) A) and D)
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Men and women may,on average,select diff...View Answer
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A) rises, and the domestic demand for unskilled labor also rises.
B) rises, and the domestic demand for unskilled labor falls.
C) falls, and the domestic demand for unskilled labor rises.
D) falls, and the domestic demand for unskilled labor also falls.
F) B) and D)
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A) education
B) a teacher's blackboard
C) the purchase of a new computer to enhance labor productivity
D) All of the above are correct.
F) A) and C)
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A) a compensating differential for the cost of becoming educated.
B) a signal that the market is indifferent to a worker's level of human capital.
C) considered unfair by economists.
D) considered unfair by everyone.
F) A) and B)
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B) False
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Compensating differentials refer to diff...View Answer
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A) only about 5 percent of wage differences are related to chance.
B) ability is not difficult to measure but is largely insignificant in explaining wage differences.
C) work effort is difficult to measure but is not likely to contribute much to an explanation of wage differences.
D) ability, effort, and chance are likely to be significant contributors to wage differences.
F) A) and D)
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A) Annette is a college graduate, and Justin has only a high school diploma.
B) Annette is a woman, and Justin is a man.
C) Annette has 15 years of experience at her job, whereas Justin has only five years of experience.
D) All of the above are examples of labor-market discrimination.
F) A) and B)
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A) discrimination by customers is the most common type of economic discrimination.
B) differences in human capital and job characteristics must be important in explaining the differences in wages.
C) firms apparently are not profit maximizers.
D) the market has failed to properly allocate wages to different workers.
F) A) and B)
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A) schooling sends signals to employers in much the same way that advertising sends signals to consumers.
B) a person becomes more productive by earning a college degree.
C) education is less important than natural ability.
D) All of the above are correct.
F) None of the above
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Consumers are able to exercise their bia...View Answer
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A) technology accounts for differences in incomes within all occupations.
B) technology makes it possible for the best producer to supply every customer at low cost.
C) technology that can limit access to the superstars is available.
D) only technologically-literate superstars can earn super incomes.
F) B) and D)
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