Why wages differ my last chance to get right, please answer correctly For each of the scenarios in the following table, indicate the most likely reason for the difference in earnings. Scenario Differences in Human Capital Compensating Differential Differences in Natural Ability Labour Unions Two security guards have the same amount of schooling and work experience, but earn different wages. One of them works for a prison and earns an annual wage of $55,000 per year. Another works for a museum and earns an annual wage of $34,000 per year. An economics consulting firm hires Rina, a recent PhD graduate in economics, and pays her an annual wage of $75,000. It also hires Bob, a recent master's graduate degree in economics, and pays him an annual wage of $61,000. Major-league hockey goalies earn more than minor-league hockey goalies.
Why wages differ my last chance to get right, please answer correctly For each of the scenarios in the following table, indicate the most likely reason for the difference in earnings. Scenario Differences in Human Capital Compensating Differential Differences in Natural Ability Labour Unions Two security guards have the same amount of schooling and work experience, but earn different wages. One of them works for a prison and earns an annual wage of $55,000 per year. Another works for a museum and earns an annual wage of $34,000 per year. An economics consulting firm hires Rina, a recent PhD graduate in economics, and pays her an annual wage of $75,000. It also hires Bob, a recent master's graduate degree in economics, and pays him an annual wage of $61,000. Major-league hockey goalies earn more than minor-league hockey goalies.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Why wages differ
my last chance to get right, please answer correctly
For each of the scenarios in the following table, indicate the most likely reason for the difference in earnings.
|
Scenario
|
Differences in Human Capital
|
Compensating Differential
|
Differences in Natural Ability
|
Labour Unions
|
|
|---|---|---|---|---|---|
| Two security guards have the same amount of schooling and work experience, but earn different wages. One of them works for a prison and earns an annual wage of $55,000 per year. Another works for a museum and earns an annual wage of $34,000 per year. |
|
|
|
|
|
| An economics consulting firm hires Rina, a recent PhD graduate in economics, and pays her an annual wage of $75,000. It also hires Bob, a recent master's graduate degree in economics, and pays him an annual wage of $61,000. |
|
|
|
|
|
| Major-league hockey goalies earn more than minor-league hockey goalies. |
|
|
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