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Exam 16: Wage Determination

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Question 41

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Which of the following is not an example of a market imperfection that might explain persistent wage differentials within an occupation?

A) Geographic immobility of workers.
B) Discrimination.
C) Noncompeting groups.
D) Poor information about job opportunities and pay.

E) A) and D)
F) B) and C)

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Question 42

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The Overnight Construction Company has just signed a collective bargaining contract in which it agrees that all workers it hires must be union members in good standing at the time they are hired.This provision reflects:

A) preferential hiring.
B) a maintenance-of-membership shop.
C) a union shop.
D) a closed shop.

E) A) and B)
F) A) and C)

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Question 43

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Efficiency wages are established at below-equilibrium levels.

Traveling sales representative Harold Hill only calls on clients four days a week rather than the five days expected by his employer.This is an example of:

Use the resource demand data shown on the left and the resource supply data on the right in answering the following question: $\begin{array}{c}\underline{\text { Labor Demand Data }}\quad\quad\quad\quad\quad\quad\quad\quad\underline{\text { Labor Supply Data }}\\\begin{array}{c}\\\underline{\text {Employment}}\\0\\1\\2\\3\\4\\5\\6\end{array}\begin{array}{c}\text {Marginal}\\\underline{\text {Product}}\\0\\15\\28\\39\\48\\55\\60\end{array}\begin{array}{c}\text { Product }\\\underline{\text { Price } }\\\$ 2.20 \\2.00 \\1.80 \\1.60 \\1.40 \\1.20 \\1.00 \end{array}\begin{array}{c}\\\underline{\text {Employment}}\\0\\1\\2\\3\\4\\5\\6 \end{array}\begin{array}{c}\text { Wage}\\\underline{\text { Rate }} \\-- \\\$1.00 \\2.00\\3.00 \\4.00 \\5.00 \\6.00\end{array}\end{array}$ Refer to the given data.How many workers will this profit-maximizing firm choose to employ?

Union workers have higher rates of job turnover than do nonunion workers.

Use the resource demand data shown on the left and the resource supply data on the right in answering the following question: $\begin{array}{c}\underline{\text { Labor Demand Data }}\quad\quad\quad\quad\quad\quad\quad\quad\underline{\text { Labor Supply Data }}\\\begin{array}{c}\\\underline{\text {Employment}}\\0\\1\\2\\3\\4\\5\\6\end{array}\begin{array}{c}\text {Marginal}\\\underline{\text {Product}}\\0\\15\\28\\39\\48\\55\\60\end{array}\begin{array}{c}\text { Product }\\\underline{\text { Price } }\\\$ 2.20 \\2.00 \\1.80 \\1.60 \\1.40 \\1.20 \\1.00 \end{array}\begin{array}{c}\\\underline{\text {Employment}}\\0\\1\\2\\3\\4\\5\\6 \end{array}\begin{array}{c}\text { Wage}\\\underline{\text { Rate }} \\-- \\\$1.00 \\2.00\\3.00 \\4.00 \\5.00 \\6.00\end{array}\end{array}$ Refer to the given data.What will be the profit-maximizing wage rate?

Unions prefer:

Since 1980,labor union membership in the United States has been:

In 2011,about ____ percent of employed wage and salary workers belonged to unions.

By reducing labor turnover,unions may increase productivity because a lower turnover rate:

State right-to-work laws:

Suppose a worker feels unhappy with his job and consequently quits.This illustrates:

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:

Private-sector strikes and lockouts typically end because:

Unions may increase productivity by:

Which one of the following research findings is most consistent with the hypothesis that unions increase productivity?

A profit-maximizing firm will:

Inclusive unions restrict the number of jobs directly by shifting the labor supply curve to the left;exclusive unions restrict the number of jobs by imposing above-equilibrium wage rates on the employer.

If the minimum wage is set too high,in some labor markets we can expect to see: