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Exam 12: Labour Markets

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Question 51

Multiple Choice

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Two profit-maximizing firms,X and Y,are paying a wage rate of $15 but firm Y's marginal labour cost is higher than that for firm X.For this to happen,it must be the case that

A) both firms are monopsonists.
B) firm X is a monopsonist and firm Y is a perfect competitor.
C) both firms are perfect competitors.
D) firm X is a perfect competitor and firm Y is a monopsonist.
E) there has been an error in the calculations.

F) B) and C)
G) B) and E)

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Question 52

Multiple Choice

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The decision to pursue higher education,or graduate school,requires that one compare the __________ to the __________.

A) cost of the education;benefit of the education
B) discounted cost of the education;benefit of the education
C) cost of the education;discounted benefit of the education
D) average salary without the education;average salary with the education
E) discounted cost of the education;discounted benefit of the education

F) A) and D)
G) C) and D)

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Question 53

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A lot of amateur singers willingly accept low-paying jobs to wait for their chance at success.They are enticed by a __________ market.

The workers in Market 1 and Market 2 are equally qualified;they can easily move between industries. -Refer to the diagrams above.Suppose that a labour union forms in market 1 and succeeds in raising the wage to W1.The effect on workers in market 1 is to make

The labour force consists of those people who are ________ and those who are ____________.

A decrease in demand for a firm's output results in a(n)

Assume that workers are of the same race and either male or female.Male and female workers possess the same stock of human capital and hence they are equally productive.The wage rate is $10 per hour for male workers and $9 per hour for female workers. -Refer to the information above.Instead of assuming of that male and female workers have the same stock of human capital,suppose that male workers have a larger stock: precisely $1 worth.Then one would predict

Assume that workers are of the same race and either male or female.Male and female workers possess the same stock of human capital and hence they are equally productive.The wage rate for male workers is $10 per hour and for female workers the wage rate is $9 per hour. -Refer to the information above.If Carl and Julia pick city A,then household income is __________ and Julia's earnings are __________.

Suppose that a representative group of male and female university graduates is surveyed about their salaries.It is found that the males earn an average of $48,000 and the females earn an average of $37,000.The $11,000 difference is __________ of discrimination if __________.

An arbitrary preference by an employer for one group of workers over another is termed

Given identical demand,a monopsonist will hire __________ workers than a competitive firm and produce __________ output.

Jobs that possess a higher risk of injury or death will

The reason non-union firms do not always drive union firms out of business is that

If the value of marginal product of the last worker hired is $10 and the wage rate is $12,then the firm

A university 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

-In the above labour market,the equilibrium outcome for a monopsonist is wage rate ________ and number of workers ___________.

Which of the following factors is NOT part of one's stock of human capital?

The growth of Internet sites devoted to employment search should

Decisions to pursue higher education,or graduate school,are best thought of as __________ decisions.

Assume that workers are of the same race and either male or female.Male and female workers possess the same stock of human capital and hence they are equally productive.The wage rate for male workers is $10 per hour and for female workers the wage rate is $9 per hour. -Refer to the information above.Picking city B,which improves Julia's earnings compared to city A,means the household is