Economics: Private and Public Choice
16th Edition
ISBN: 9781337642224
Author: James D. Gwartney; Richard L. Stroup; Russell S. Sobel
Publisher: Cengage Learning US
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Chapter ST8, Problem 5CQ
To determine
Influence of earnings in dangerous working condition of men.
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Chapter ST8 Solutions
Economics: Private and Public Choice
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- For each of the scenarios in the following table, indicate the most likely reason for the difference in earnings. Differences in Human Capital Scenario Major league hockey goalies earn more than minor league hockey goalies. Two automotive technicians have the same amount of schooling and work experience, but earn different wages. The first works the day shift for an auto manufacturer factory for an annual wage of $54,000 per year, and the second works the night shift for the same company for an annual wage of $60,000 per year. Research done in the United States, based on U.S. Census data, finds that -during an adult's working life-high school graduates earn an average of $1.2 million, associate's degree holders earn about $1.6 million, and bachelor's degree holders earn about $2.1 million. Compensating Differential Differences in Ability Labor Unions O Oarrow_forwardConsider discrimination in employment. Suppose dark-haired employees don't like working with blonde employees. Could this discrimination explain lower wages for blond employees? If such a pay differential existed, what would an entrepreneur who wants to maximize profits do? If there were many entrepreneurs with the same strategy, what would happen over time?arrow_forwardWomen earn less on average than men. Which of the following would be the logical conclusion? Women must be the victim of employment discrimination. Men must be more highly motivated and materialistic. Women must be less productive. O Without consideration of preferences and productivity factors, differences in unadjusted mean earnings do not necessarily reflect employment discrimination.arrow_forward
- How will the following issues shape compensation professionals' work for years to come: Increased minimum wage rate. Gender pay gap. Workforce demographic shifts. Compensation-productivity gap.arrow_forwardDescribe how the firm decides whether to offer a safe working environment or a risky environment.arrow_forwardHow does the firm adjust its employment if it is costly to hire and fire workers?arrow_forward
- Suppose male wages are determined by the earnings function WM = 25 + 0.40EM and female wages are determined by the earnings function WF = 15 + 0.20EF. If women have 10 years of experience and men have 20, what is the gender wage gap? How much can be attributed to human capital differences and how much is unexplained, and therefore attributed to discrimination? Show this scenario on a graph of both the male and female earnings functionsarrow_forwardThink 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…arrow_forwardHow does age impact on job mobility? Explain in shortarrow_forward
- We explored a number of explanations that help us better understand the existence and persistence of the male-female earnings gap. a) Describe any one explanation for the male-female earnings gap that centres on the role of employers. b) Describe any one explanation for the male-female earnings gap that centres on the role of co-workers. c) Describe any one explanation for the male-female earnings gap that centres on the existence of male-dominated jobs and female-dominated jobs. d) Describe any one explanation for the male-female earnings gap that centres on unequal household responsibilities.arrow_forwardIn general, different jobs pay different wages. One overarching reason is that different jobs have different characteristics, with wages serving to compensate for those different characteristics. Consider two virtually identical individuals, employed in the same industry and working in the same region. One of the individuals works in Occupation A, while the other works in Occupation B. Assume that the individual working in Occupation A earns a higher wage than the individual working in Occupation B. Describe four differences between Occupations A and B that could each help explain the different wages paid to the two workers.arrow_forwardProductivity may not account for all of the wage disparities and growing income inequality in the United States. Discrimination, education, globalization, and legislation are all factors that can have an impact. The salary disparity between CEOs and average workers is also significant. Productivity is an important factor in labor-market wage disparities, but it is not the only one. Tax policies that favor the wealthy, as well as a decline in unionization, can both lead to rising income disparity. Changes in skilled labor demand, globalization, technology, and government policy can all contribute to the United States' expanding wealth gaps.arrow_forward
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