Micro Chapter 15

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Occupational licensing has much the same effect as:

exclusive unionism.

Minimum wage in the U.S. is:

Set at the federal level, but many states set their own minimums that are higher than the federal level.

If the nominal wages of carpenters rose by 5 percent in 2010 and the price level increased by 3 percent, then the real wages of carpenters:

increased by 2 percent.

Real wages in the United States in the long run:

have increased at about the same rate as increases in output per worker.

Which of the following is correct?

The nominal and the real wage may both fall.

Over the long run, real earnings per worker can increase only at about the same rate as the economy’s rate of growth of:

output per worker

Real wages in the United States are:

relatively high, but not as high as in some industrially advance nations

The real wage will rise if the nominal wage:

increases more rapidly than the general price level

The productivity and real wages of workers in industrially advanced economies have risen historically partly because:

workers have been able to use larger quantities of capital equipment

Since 1960, real hourly compensation in the United States has approximately


The labor supply curve facing a purely competitive employer is _______, whereas the labor supply curve facing a monoposonist is ________.

horizontal; upsloping

The economic term for a firm that is the sole buyer in a market is:


A firm can hire six workers at a wage rate of $8 per hour but must pay $9 per hour to all of its employees to attract a seventh worker. the marginal wage cost of the seventh worker is:


Suppose the MRP of a firm’s twelfth worker is $22 and the worker’s marginal wage cost is $16. We can say with certainty that the firm:

will find it profitable to hire more workers

In monopsony:

the wage rate paid by the employer varies directly with the number of workers employed

Which of the following is most likely to be an example of monopsony?

The market for major league baseball empires

A monopsonist’s wage cost in hiring an additional worker is the:

worker’s wage rate plus the wage increasing paid to all workers already employed

A monopsonistic employer:

confronts a marginal resource (labor) cost that is greater than the wage rate

Increases in the productivity of labor result partly from:

improvements in technology

The best example of a craft union would be the:

International Brotherhood of Electrical Workers

When the monopsony model is combined with the inclusive union model the result is a case of:

Bilateral monopoly

According to proponents of human capital theory, education:

Increases a worker’s productivity

In a purely competitive labor market, a profit-maximizing firm will hire labor up to the point where the marginal revenue product of labor equals the:

Wage rate or price of labor

Pay-for-performance systems seek to deal with the:

Principal-agent problem

Which action taken by a worker would not be an investment in human capital?

Purchasing stock in a pharmaceutical company

Wage differentials occur for all the following reasons except:

Homogeneous workers

If there is a decrease in the demand for union electrical workers and at the same time there is a drastic cutback in the numbers of electricians trained by the union, then the:

Quantity employed will decrease, but the effect on wages is indeterminate

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