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12 terms

Micro Test Chapter 13

STUDY
PLAY
If the nominal wage of carpenters increased by 2 percent in 2006 and the prices of the goods and services increased by 3 percent, then the real wages of carpenters:
decreased by the 1 percent
The productivity and real wages of workers in the industrially advanced economies have risen historically partly because:
workers have acquired more education and training over time, workers have been able to use larger quantities of capital equipment, over time the capital equipment used by workers has improved in efficiency due to technological advances
Number 14
is a "wage taker" in a competitive labor market
In pure competition, a profit-maximizing firm will equate the marginal revenue product of labor with the:
Marginal resource cost of labor
Other things equal, the monopsonistic employer will pay a:
lower wage rate and hire fewer workers than will a purely competitive employer
Which of the following is most associated with the demand-enhancement union model?
lobbying for increases in public expenditures on the product it is producing
Number 18: If this labor market is monopsonistic, the wage rate and level of employment respectively will be:
A and F look at graph
In an exclusive (craft) union is successful in restricting the supply of labor, the:
wage rate will rise and the number of workers employed will fall
Many economists are critical of the minimum wage because they believe that it:
reduces the number of available job opportunities for unskilled workers
Which of the following will not give rise to wager differentials?
the tendency of qualified workers to move from lower pay jobs to higher pay jobs
Human capital is best defined as:
the productive skills and knowledge that workers acquire from education and training
one of the potential negative side-effects of pay in the form of sales commissions is:
A greater incentive for sales people to engage in unethical or fraudulent sales practices that may eventually cause legal problems for the firm