Are the following statements true, false, or uncertain? Explain briefly but clearly. * Suppose beekeepers earned twice as much on average in 2015 than they did in 1975, even after adjusting for inflation and even though the equipment and technology they use have not changed in any way whatsoever. Nonetheless, the rise in their wages was still likely caused by technological change, albeit through an effect on supply rather than demand. Suppose a new law made it easier for restaurant waiters in Chicago to form labor unions, and over the next three years wages rose at non-unionized restaurants in Chicago. Then the threat and/or product market effects were greater in magnitude than the spillover effect.
Are the following statements true, false, or uncertain? Explain briefly but clearly. *
Suppose beekeepers earned twice as much on average in 2015 than they did in 1975, even after adjusting for inflation and even though the equipment and technology they use have not changed in any way whatsoever. Nonetheless, the rise in their wages was still likely caused by technological change, albeit through an effect on supply rather than demand.
Suppose a new law made it easier for restaurant waiters in Chicago to form labor unions, and over the next three years wages rose at non-unionized restaurants in Chicago. Then the threat and/or product market effects were greater in magnitude than the spillover effect.
Provide short, clear answers to the following questions
The standard deviation of college graduates’ annual incomes has grown over time, but the standard deviation of their annual consumption spending has not changed much. How is this possible? What can you learn from the comparison between the two trends?
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