Is nominal wage or real wage more important in determining a person's material standard of living? Explain.

John is paid $7 an hour, and Kimsan is paid$23 an hour. Why does Kimsan likely earn more than John?

In a competitive labor market, suppose the quantity demanded of labor is greater than the quantity supplied. What will happen to the wage rate? Explain.

Mauricio y Lucía son gemelos (twins), pero tienen personalidades muy distintas. Completa las descripciones con el adjetivo correspondiente.

$$\begin{matrix} \text{1. Mauricio es sincero, pero Lucia es. . .}\\ \text{2. Lucia es muy generosa con su dinero, pero Mauricio es. . .}\\ \text{3. No sabes lo sociable que es Mauricio, pero Lucía es muy. . .}\\ \text{4. Lucia es permisiva con sus hijos, pero Mauricio es. . .}\\ \text{5. A Mauricio le gusta estar con gente, pero Lucía prefiere estar. . .}\\ \text{6. Todos piensan que Lucia es moderna, pero Mauricio es. . .}\\ \text{7. Mauricio se porta (behaves) como un adulto, pero Lucía es muy. . .}\\ \text{8. Lucía es muy modesta, pero Mauricio es muy. . . }\\ \end{matrix}$$

A student accepts a full-time job in November, but a better job comes before graduation in May. What are the ethical dimensions of the student's decision? Would you take the better job? Why or why not?

Give an example of a nominal wage and a real wage.

Alicia turned down a job that pays $60,000 a year for a job that pays$32,000 a year. The nonmoney benefits in the lower-paying job equal at least what dollar amount?

Mark is purchasing new tile for his bathrooms. The home improvement store charges $48 for each box of tiles when three or fewer boxes are purchased,$45 for each box when 4 to 8 boxes are purchased, $42 for each box when 9 to 19 boxes are purchased, and$38 for each box when more than nineteen boxes are purchased. a) Write a piecewise-defined function describing the cost of the boxes of tile. b) What it is the cost of purchasing 5 boxes of tile? What it is the cost of purchasing 19 boxes of tile?

Outline the traditional view and the new view of labor unions.

A monopoly seller produces and sells 1,000 units of a good at a price of $49.99 per unit. Its total cost is$30,000. How much profit does the seller earn?

Firm A is a perfectly competitive firm. Why can't it sell its product for one penny more than the equilibrium price?

Can a person's nominal wage decrease at the same time his or her real wage increases? Explain.

Some professional basketball players receive annual incomes of several million dollars. Explain their salaries in terms of supply and demand.

Both the demand for and supply of a good rise. Under what condition will the price of the good remain constant?