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Exam 17: Wage Determination

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Question 1

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There is no evidence that unions are able to increase wage rates above those that the market would otherwise provide.

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Question 2

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What is collective bargaining? What is the goal of collective bargaining?

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Collective bargaining is the negotiation...

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A labor union may engage in a lockout if the collective bargaining process breaks down.

Since the mid-1950s, union membership has declined as a percentage of employed wage and salary workers.

Suppose the MRP of a firm's 20th worker is $16 and the worker's marginal wage cost is $22. We can say with the most certainty that the firm

The nominal annual wage increases from $25,000 to $27,000, while the price level increases by 6 percent. In this case, the percentage change in the real annual wage is about

What is the purpose of occupational licensing? What are the effects of unnecessary or excessive occupational licensing requirements?

Assume that your nominal wage was fixed at $15 an hour, and the price index rose from 100 to 105. In this case, your real wage has

Refer to the given data. At the profit-maximizing level of employment, this firm's total revenue will be

A bilateral monopoly case is a situation where two monopolists in two countries are selling competing products in the world market.

A firm operating in a purely competitive labor market has the marginal revenue product schedule shown in the table. If the wage rate decreases from $22.50 to $21.50, by how much will the firm expand employment?

A firm pays the same wage rate to all its workers. At present, 20 workers are employed at $50 per day. Wages are subsequently raised to $55 per day in order to attract an extra worker. Thus, the marginal labor cost per day is

Refer to the given data. We can conclude from the information given that this firm is a

According to international comparisons, which of these nations was not in the top 5 for hourly pay in U.S. dollar terms in 2013?

The rate of unionization is substantially higher for protective service workers than for sales workers.

In monopsony situations, a minimum wage might increase wage and employment levels.

One reason for the high wage rates in the United States and other advanced economies is the high productivity of labor in these countries.

Efficiency wages are established at below-equilibrium levels.

Refer to the given data. The marginal revenue product of the fourth worker is

A firm's labor input, total output of labor, and product price schedules are given in the table. Labor is the only variable input. How many workers will the profit-maximizing firm hire if the wage rate is $15 per day?