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 |
doubled |
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: |
monopsonist |
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: |
$15 |
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 |
Micro Chapter 15
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