Answered: 1.In the goods market, we have prices;…

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter27: Wages, Unions, And Labor

Section: Chapter Questions

Problem 6QP

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1.In the goods market, we have prices; in the labor market, we have wages or salaries; in the financial market, we have:

A)credit

B)interest rates

C)usury

D)principal

2.A certain mining company employs all the workers in a small mountainous community. If all the people of this community do not work for other companies, one can say that the situation with the mining company is a form of:

A)Monopsony

B)Oligopoly

C)Monopoly

D)Oligopsony

3.Through collective bargaining, labor unions can negotiate higher wages for union members. However, this might cause _______________ when these union wages are higher than the market equilibrium.

A)affirmative action

B)a labor strike

C)excess demand for labor

D)excess supply of labor

4.According to studies, the gap between the earnings of male and female workers can be explained by:

A)all the options are correct

B)the percentage of men vs. women in top positions in companies

C)the expectations that women are likely to bear a disproportionately large share of household responsibilities and child-rearing

D)the pattern of discrimination between the roles of men and women

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