Bundle: Principles of Economics, Loose-leaf Version, 8th + LMS Integrated MindTap Economics, 2 terms (12 months) Printed Access Card
8th Edition
ISBN: 9781337607735
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Chapter 19, Problem 4CQQ
To determine
Example of signaling.
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Ted leaves his job as a high school math teacher andreturns to school to study the latest developmentsin computer programming, after which he takesa higher-paying job at a software firm. This is anexample ofa. a compensating differential.b. human capital.c. signaling.d. efficiency wages
20. Working in a slaughterhouse is much riskier and more unpleasant than working in a
bookstore. As a result, we'd expect a difference in wages between the two jobs. The
difference is known as
a. an efficiency wage.
b. a compensating differential.
c. a wage adjustment.
d. a minimum wage.
Think of a job that either you or a friend/relative held that paid a wage that you thought was either unfair or inequitable compared to the wages or salaries of other positions within the business or within the wider business community. Answer the following questions in relation to that example.
On what basis do you think the wage was set? I.e. What factors influenced how much the organization valued the role?
Why did you think it was unfair?
If there was an opportunity to be covered by a Union contract/agreement, do you think there would have been an increase/decrease in the wage?
If you were the employer, what would cause you to increase the wage for that role?
and finally,
5. Do you think that the wages/salaries of the main "jobs" in our society are allocated fairly? Provide an example of a role that you think is highly undervalued and explain why.
For example, should CEOs and celebrities earn millions of dollars each year compared to child care workers or stay at home parents who…
Chapter 19 Solutions
Bundle: Principles of Economics, Loose-leaf Version, 8th + LMS Integrated MindTap Economics, 2 terms (12 months) Printed Access Card
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- Suppose Kara maximizes her profits by hiring workers to produce hand-made soaps. Her soaps sell for $1 each. How should Kara decide on how many workers she should hire? a.Hire workers up to the point when the price of her soaps starts to fall from $1 b.Hire workers up to the point when the total product of all her workers is at its maximum c.Hire up to the point when the wage rate equals to the value of the marginal product of the last worker hired d.Hire up to the point when the marginal product of the last worker hired is equal to zeroarrow_forwardLorna’s Lumberyard is a monopsony. Lorna estimates that at a wage of $10, 100 workers would be willing to work for her. Similarly, at a wage of $12, 200 workers would be willing to work. Her marginal factor cost is: a. $10. b. $14. c. $120. d. $140. e. $240.arrow_forwardWhich of the following statements is correct? a. The Mariel Boatlift study finds that the mass emigration of Cubans lowered the wage of unskilled native workers but not college-educated workers. b. Immigration from the former Soviet Union increased Israeli's population by 15% between 1950 and 1951 and the wages of high-skill natives. c. The May 1968 civil unrest in France lowered the education attainment of affected student cohorts but did not affect their future earnings. d. In a simple signaling model of education, human capital increases as a result of education. e. The repatriates from Algeria to France, due to Algeria's independence from France, increased France's labor force by 2%, but Hunt (1992) finds no significant impact on the French labor markets. Solve with in one hour for upvotearrow_forward
- I need help with A, B, C and D.arrow_forwardWhen is an employer forced to keep the labor cost low? A. When the product demand is inelastic. B. When the employer is in a competitive product market. C. When the rate of unemployment is low. D. When certain skills are essential for production.arrow_forward10. In the Heckscher-Ohlin framework, suppose that the autarkic wage in country A is WA $20 and the autarkic rental price of capital is rA $40. In country B (with monetary values expressed in $ for purposes of comparison), the autarkic wage is we = $15 and the autarkic rental price of capital is rg = $45. Also, suppose that good X is labor intensive and good Y is capital intensive. Then we can say that O the relative wages (w/r) will equalize, but not the absolute wages (expressed in the same currency) upon moving from autarky to free trade. country B has a comparative advantage in good X, the rental price of capital in country B will fall upon moving from autarky to free trade. O the absolute rental prices of capital (r), expressed in the same currency, will move closer together, but not equalize upon moving from autarky to free trade. the absolute wages (w), expressed in the same currency, will move further apart upon moving from autarky to free trade. O country A has a comparative…arrow_forward
- Q)If a country's working-age population declines and its wealth increases, then the labor supply curve a) shifts to the left if the effect of the change in wealth is bigger than the effect of the change in the working-age population. b)shifts to the right if the effect of the change in wealth is bigger than the effect of the change in the working-age population. c)shiftsto the left. d)shifts to the right. What is the answer?arrow_forwardAnswer in step by step with explanation. Don't use Ai and chatgpt.arrow_forwardAssume the labor market for loggers is perfectly competitive. How would each of the following events influence the wage rate loggers are paid? a. Consumers boycott products made with wood. b. Loggers form a union that requires longer apprenticeships, charges high fees, and uses other devices designed to reduce union membership.arrow_forward
- In the 1920s, employers embraced the American Plan because A it promoted the creation of a workplace free of government and union regulations. B) all employees were unionized. it supported government regulations. it took the "human factor" into consideration. E) it provided employees with private pensions.arrow_forwardYou are given a scenario where this a change in a factor of production or a change in demand for an item. You need to explain in sentence form how this would change demand for labor. You develop a popular video game and continue to develop new versions to keep people interested in the game.arrow_forwardYou are given a scenario where this a change in a factor of production or a change in demand for an item. Explain in sentence form how this would change the demand for labor. See the example and model your answers after how the example is written. Change in Factor of Production Effect on Labor Market Example: There is a decrease in the price of oil, and you make plastic containers. The decrease in the price of oil will make it cheaper to produce plastic containers. The firm can lower its price and it will sell more. This will increase the demand for labor at your firm. 1. Apple develops the iPhone and demand for it surges as people realize the benefits of this improved technology. You manufacture flip phones. 2. You own a sports equipment manufacturing firm. You were just informed rent at your warehouse space would double. 3. You develop a popular video game and continue to develop new versions to keep people interested in the game.…arrow_forward
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