Question 1

Which statement is true?

Accepted Answer

A)  Most people would put in a maximum workweek of 48 hours no matter what the pay.
B)  As one's income rises,eventually the income effect outweighs the substitution effect.
C)  As one's income rises,eventually the substitution effect outweighs the income effect.
D)  The "backward bending" supply curve is not really backward bending.E) A) and C)
F) A) and B)

Question 2

Some conservative economists want to help more teenagers to find jobs by

Accepted Answer

A)  providing a government jobs program.
B)  raising the minimum wage rate for teenagers.
C)  lowering the minimum wage rate for teenagers.
D)  requiring every business with more than 25 employees to hire at least one teenager for each three new employees hireD.E) A) and B)
F) All of the above C

Question 3

-Which statement is false?

Accepted Answer

A)  According to the theory of the dual labor market,the rich stay rich and the poor stay poor.
B)  The dual labor market theory does not account for the huge middle level of occupations-such as nursing,teaching,and social work.
C)  Most poorer people tend to find jobs in the primary labor market,according to the theory of the dual labor market.
D)  None of the statements are false.E) None of the above
F) A) and B)

Question 4

Sean Malloy made $360,000 in 2002,the base year.By 2006 he was earning $480,000.If the CPI rose 120 by 2006,how much were his real wages that year,and by what percentage had they changed?

Accepted Answer

$$\begin{aligned}
\text { Real wage } ( 2006 ) & = \frac { \text { Money wages } ( 2006 ) } { \text { CPI } ( 2006 ) } \times 100 \
& = \$ 4,000 \
& = \$ 400,000 \
\text { Percentage change } & = \frac { \text { change } } { \text { original number } } = \frac { \$ 40,000 } { \$ 360,000 } \
& = \frac { 1 } { 9 } = 11.1 \%
\end{aligned}$$

Question 5

The backward-bending section of the labor supply curve suggests that

Accepted Answer

A)  there is no income effect.
B)  the income effect outweighs the substitution effect at those higher wage levels.
C)  the substitution effect outweighs the income effect at those higher wage levels.
D)  None of the choices are correct.E) A) and B)
F) A) and C)

Question 6

Compared to 1973,real wages are about _____% _______ (higher/lower).

Accepted Answer

The answer of Compared to 1973,real wages are about _____%...

Question 7

Bob Smith's money wages rose from $32,000 to $48,000,while the CPI rose by 50%.His real wages

Accepted Answer

A)  fell by 50%.
B)  stayed the same.
C)  rose by 25%.
D)  rose by 50%.
E)  rose by 75%.F) C) and E)
G) A) and B)

Question 8

The marginal revenue product schedule is

Accepted Answer

A)  a supply schedule.
B)  a demand schedule.
C)  neither a demand nor supply schedule.D) A) and B)
E) None of the above B

Question 9

If Bart's money wages doubled from 2013 to 2018 and the consumer price index rose by 50%,we would know that Bart's real wages

Accepted Answer

A)  fell by 50%.
B)  stayed about the same.
C)  rose by less than 50%.
D)  doubleD.E) A) and D)
F) B) and C)

Question 10

Since 1996,productivity growth has ________ and real wages have ______.

Accepted Answer

A)  risen;risen
B)  fallen;fallen
C)  risen;fallen
D)  fallen;risenE) A) and B)
F) A) and C)

Question 11

Statement I: To move from the secondary to the primary labor market,a college degree is a necessary condition,but not a sufficient condition.
Statement II: There were huge expansions of the college population during the late 1940s and from the late 1960s to the early 1970s.

Accepted Answer

A)  Statement I is true and statement II is false.
B)  Statement II is true and statement I is false.
C)  Both statements are true.
D)  Both statements are false.E) All of the above
F) B) and D)

Question 12

Who made this statement? "The really exhausting and the really repulsive labours,instead of being better paid than others,are almost invariably paid the worst of all.....The hardships and the earnings,instead of being directly proportional,as in any just arrangements of society they would be,are generally in an inverse ratio to one another."

Accepted Answer

A)  John Stuart Mill
B)  John Maynard Keynes
C)  Elizabeth Warren and Amelia Warren Tyagi
D)  Beth Schulman
E)  Barbara EhrenreichF) A) and D)
G) All of the above

Question 13

If the legal minimum wage rate were set at $15/hour,

Accepted Answer

A)  employment would decline substantially.
B)  employment would decline slightly.
C)  employment would not be affected.
D)  employment would rise slightly.
E)  employment would rise substantially.F) C) and D)
G) B) and D)

Question 14

Many conservative economists want to __________ the minimum wage.

Accepted Answer

A)  raise
B)  lower
C)  abolishD) B) and C)
E) A) and C)

Question 15

Among these countries,which has the highest hourly wage and fringe benefits in manufacturing?

Accepted Answer

A)  Germany
B)  Japan
C)  The U.S.
D)  CanadaE) None of the above
F) B) and C)

Question 16

In which year were real average hourly wages the highest?

Accepted Answer

A)  1973
B)  1983
C)  1993
D)  2007E) All of the above
F) B) and C)

Question 17

Ms.Mandelblatt made $25,000 in 1990,the base year.By 1995 she was earning $40,000.If the CPI was at 150 by 1995,how much were Ms.Mandelblatt real wages that year and by what percentage had they changed since 1990?

Accepted Answer

The answer of Ms.Mandelblatt made $25,000 in 1990,the base year.By...

Question 18

Today a college graduate earns about $____ while a high school graduate earns about $_____.

Accepted Answer

A)  70,000;24,000
B)  53,000;32,000
C)  53,000;24,000
D)  70,000;32,000E) All of the above
F) A) and D)

Question 19

If the minimum wage were abolished,the employment of unskilled and inexperienced workers would

Accepted Answer

A)  rise.
B)  fall.
C)  stay the same.D) B) and C)
E) A) and C)

Question 20

Which of the following is NOT true about the theory of the dual labor market?

Accepted Answer

A)  It is a class theory of employment.
B)  The dividing line between the primary and secondary markets is whether you have a college degree.
C)  Jobs in the secondary market pay better than those in the primary market.
D)  This theory does not take into account the huge middle level of occupations-nursing,social work,and non-college-graduate positions in insurance,banking,and retailing.E) All of the above
F) C) and D)

Exam 28: Labor Markets and Wage Rates

Which statement is true?

Correct Answer
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Some conservative economists want to help more teenagers to find jobs by

Correct Answer
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C

-Which statement is false?

Correct Answer
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Sean Malloy made $360,000 in 2002,the base year.By 2006 he was earning $480,000.If the CPI rose 120 by 2006,how much were his real wages that year,and by what percentage had they changed?

The backward-bending section of the labor supply curve suggests that

Correct Answer
verified

Compared to 1973,real wages are about _% ___ (higher/lower).

Correct Answer
verified

Bob Smith's money wages rose from $32,000 to $48,000,while the CPI rose by 50%.His real wages

Correct Answer
verified

The marginal revenue product schedule is

Correct Answer
verified
B

If Bart's money wages doubled from 2013 to 2018 and the consumer price index rose by 50%,we would know that Bart's real wages

Correct Answer
verified

Since 1996,productivity growth has __ and real wages have .

Correct Answer
verified

Statement I: To move from the secondary to the primary labor market,a college degree is a necessary condition,but not a sufficient condition. Statement II: There were huge expansions of the college population during the late 1940s and from the late 1960s to the early 1970s.

Correct Answer
verified

Correct Answer
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If the legal minimum wage rate were set at $15/hour,

Correct Answer
verified

Many conservative economists want to __________ the minimum wage.

Correct Answer
verified

Among these countries,which has the highest hourly wage and fringe benefits in manufacturing?

Correct Answer
verified

In which year were real average hourly wages the highest?

Correct Answer
verified

Ms.Mandelblatt made $25,000 in 1990,the base year.By 1995 she was earning $40,000.If the CPI was at 150 by 1995,how much were Ms.Mandelblatt real wages that year and by what percentage had they changed since 1990?

Correct Answer
verified

Today a college graduate earns about $ while a high school graduate earns about $_.

Correct Answer
verified

If the minimum wage were abolished,the employment of unskilled and inexperienced workers would

Correct Answer
verified

Which of the following is NOT true about the theory of the dual labor market?

Correct Answer
verified

Exam 28: Labor Markets and Wage Rates

Which statement is true?

Correct AnswerverifiedShow Answer

Some conservative economists want to help more teenagers to find jobs by

Correct AnswerverifiedC

-Which statement is false?

Correct AnswerverifiedShow Answer

Sean Malloy made $360,000 in 2002,the base year.By 2006 he was earning $480,000.If the CPI rose 120 by 2006,how much were his real wages that year,and by what percentage had they changed?

The backward-bending section of the labor supply curve suggests that

Correct AnswerverifiedShow Answer

Compared to 1973,real wages are about _____% _______ (higher/lower).

Correct AnswerverifiedShow Answer

Bob Smith's money wages rose from $32,000 to $48,000,while the CPI rose by 50%.His real wages

Correct AnswerverifiedShow Answer

The marginal revenue product schedule is

Correct AnswerverifiedB

If Bart's money wages doubled from 2013 to 2018 and the consumer price index rose by 50%,we would know that Bart's real wages

Correct AnswerverifiedShow Answer

Since 1996,productivity growth has ________ and real wages have ______.

Correct AnswerverifiedShow Answer

Statement I: To move from the secondary to the primary labor market,a college degree is a necessary condition,but not a sufficient condition. Statement II: There were huge expansions of the college population during the late 1940s and from the late 1960s to the early 1970s.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

If the legal minimum wage rate were set at $15/hour,

Correct AnswerverifiedShow Answer

Many conservative economists want to __________ the minimum wage.

Correct AnswerverifiedShow Answer

Among these countries,which has the highest hourly wage and fringe benefits in manufacturing?

Correct AnswerverifiedShow Answer

In which year were real average hourly wages the highest?

Correct AnswerverifiedShow Answer

Ms.Mandelblatt made $25,000 in 1990,the base year.By 1995 she was earning $40,000.If the CPI was at 150 by 1995,how much were Ms.Mandelblatt real wages that year and by what percentage had they changed since 1990?

Correct AnswerverifiedShow Answer

Today a college graduate earns about $____ while a high school graduate earns about $_____.

Correct AnswerverifiedShow Answer

If the minimum wage were abolished,the employment of unskilled and inexperienced workers would

Correct AnswerverifiedShow Answer

Which of the following is NOT true about the theory of the dual labor market?

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
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C

Correct Answer
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Correct Answer
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Compared to 1973,real wages are about _% ___ (higher/lower).

Correct Answer
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Correct Answer
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B

Correct Answer
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Since 1996,productivity growth has __ and real wages have .

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Today a college graduate earns about $ while a high school graduate earns about $_.

Correct Answer
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Correct Answer
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Correct Answer
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