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Exam 17: Wage Determination

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Question 41

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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

A) 1 percent.
B) 10 percent.
C) 40 percent.
D) 100 percent.

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Question 42

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A monopsonistic employer may sell its product in a competitive market.

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Question 43

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The presence of an agency shop requires all workers to join the union within the first 30 days of employment.

The basic explanation for high real wages in the United States and other industrially advanced economies is that the

The principal-agent problem in labor markets arises because of the possibility of shirking by workers.

In 2018, approximately 5 percent of all work time lost was due to work stoppages.

If the wage rate in a purely competitive labor market increases, it will cause the

Critics of the minimum wage contend that higher minimums cause employers to move up their labor demand curves, reducing employment of low-wage workers.

Which of the following is an explanation for the high labor-productivity in the United States?

The monopsonist in a nonunionized labor market pays a wage rate below the MRP of labor.

What are four market imperfections that prevent workers from moving from their current jobs to take higher-paying jobs?

Define minimum wage. What is the purpose of minimum wage?

Minimum wage laws have contributed to higher unemployment levels among teenagers and minorities.

A firm's labor input, total output of labor, and product price schedules are given in the table. Labor is the only variable input. What is the marginal revenue product of the seventh worker?

The consumer price index is 125 in Year 1 and 132 in Year 2. The nominal wage rate is $15 in Year 1 and $17 in Year 2. What is the approximate percentage change in the real wage rate from Year 1 to Year 2?

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

Increases in the productivity of labor result partly from

In 2018, food workers had a much higher unionization rate than teachers, according to U.S. Bureau of Labor Statistics data.

What is the case against the minimum wage? What is the case for the minimum wage? What does the evidence indicate?

One clear effect of labor unions is an increase in the wage rates of their members.