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Exam 17: Wage Determination

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Question 81

Multiple Choice

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The earnings of highly educated workers

A) rise more slowly than those of less-educated workers.
B) rise more rapidly than those of less-educated workers.
C) rise at about the same rate as those of less-educated workers.
D) stagnate earlier than do those of less-educated workers.

E) All of the above
F) A) and D)

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Question 82

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Which union status provides the weakest form of union security?

A) open shop
B) agency shop
C) union shop
D) closed shop

E) None of the above
F) All of the above

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Question 83

Multiple Choice

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Collective bargaining occurs under a framework of rules established in the

A firm's resource input, total output of labor, and product price schedules are given in the table. If labor is the only variable input, how much labor should the firm employ if the wage rate is $15 per day? $\begin{array} { | c | c | c| } \hline\text { Urits of Lab or } &\text { Total } &\text { Price of Good }\\&\text { Output/Day }& ( \$ ) \\\hline 2 & 20 & \$ 10 \\\hline 3 & 30 & 9 \\\hline 4 & 38 & 8 \\\hline 5 & 46 & 7 \\\hline 6 & 54 & 6 \\\hline 7 & 62 & 5 \\\hline\end{array}$

Which of the following is a valid explanation for real wage growth?

The XYZ Corporation's collective bargaining agreement indicates that it may hire either union or nonunion workers and that the latter are under no obligation to join the union. This agreement embodies

A profit-maximizing firm operates in purely competitive product and resource markets, with the resource and production schedules shown in the table. $\begin{array} { | c | c |} \hline\text { Workers } & \begin{array} { c } \text { Total } \\\text { Production }\end{array} \\\hline 8 & 440 \\\hline 7 & 410 \\\hline 6 & 370 \\\hline 5 & 320 \\\hline 4 & 260 \\\hline 3 & 180 \\\hline 2 & 110 \\\hline 1 & 55 \\\hline\end{array}$ The product price is $10 per unit and the cost per worker is $540. How many workers will the firm employ?

Authoritative estimates suggest that currently union workers on the average

Nominal monthly wages increase from $1,500 to $1,800, while the price level increases by 4 percent. The percentage change in real monthly wages is about

A college graduate who works at a firm is also working part-time on a master's degree in business and expects to be paid a higher wage after earning the degree. The basic reason for this wage differential is

A monopsonist in the labor market tends to hire more workers than would be hired if the labor market were purely competitive.

Stock options as a form of payment are designed to

For a monopsonist in the labor market, the marginal resource cost of labor is

In the United States,

According to age-earnings data,

Suppose in some economy there are 100 million workers; 10 million of those workers work in retail trade, and 1 million of the retail workers belong to unions. Total union membership in this economy is 40 million. The rate of unionization in retail trade is

According to the U.S. Bureau of Labor Statistics data on wage differentials, which of the following professions paid the highest average annual wage in 2014?

Empirical studies suggest that the efficiency loss associated with the misallocation of labor caused by the union wage advantage is

Right-to-work laws in some states prohibit the closed-shop and agency-shop union setups.

Suppose that under its collective bargaining agreement, the ABC Corporation can hire nonunion workers, but such workers must join the union within 30 days. This agreement embodies