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ECON2302 - KC - Ch19

Economics Chapter 19 review

QuestionAnswer
Other things equal, when the supply of workers is low, on would predict that market wages would be relatively high.
Empirical evidence suggests that ability,effort, and chance are not likely to be significant contributors to wage differences. True or False? FALSE
If firms are competitive, then labor-market discrimination likely will not be a long-run problem unless customers exhibit discriminatory preference or government maintains discriminatory policies.
A manager of a small firm who believes in the signaling theory of education would encourage her employees to obtain additional education to raise their on-the-job productivity. True or false? FALSE
Profit-maximizing,competitive firms will not discriminate in the hiring of workers unless consumers exercise a preference for discrimination in product markets or governments mandate discrimination. True or false? TRUE
Which of the following is correct? Differences in human capital may explain differences in wages between blacks and whites.
Bill and Phil are identical twins who attended grammar school through college together. Bill took a job as an engineer who does not have to travel out of the state. Phil took a job as an engineer who must travel out of state once a week. Phil receives a higher wage to compensage for the disagreeable nature of business travel.
Bill and Hillary work for the same bakery. Bill is an expert chef who starts at 4am. Hillary is a bookkeeper who works 9-5. Bill earns twice as much as Hillary. Which is correct? If starting to work at 4am is an unattractive characteristic of a baker job, the employer is likely to be paying a compensation differential.
Offering different opportunities to similar individuals who differ only by race, ethnic group, sex, age, or other personal characteristics is called discrimination.
Daryn earns a higher salary than Nick because Daryn is willing to work on the loading dock but Nick prefers the air-conditioned office. This difference in salary could illustrate a compensating differential. True or False? TRUE
Jobs that involve pleasant work, as opposed to jobs that involve unpleasant work, usually pay lower wages, because workers typically are not attracted to jobs that involve unpleasant work unless there is a monetary inducement.
According to the signaling theory of education, schooling sends signals to employers in much the same way that advertising sends signals to customers.
The fact that movie star Julia Roberts' salary is much higher than the salary earned by the world's best plumber can best be explained by the superstar phenomenon.
Park rangers at Yellowstone National Park are knows to have low wages. This is probably because park ranger jobs are perceived to be "fun."
Which of the following is perceived to be customer discrimination? White NBA fans prefer to attend games where the teams have more white players in the starting lineups.
The signaling theory of education suggests that when people earn a college degree they do not become more productive, but they do signal their high ability to prospective employers. True or False? TRUE
Profit-maximizing, competitive firms will not discriminate in the hiring of workers unless consumers exercise a preference for discrimination in product markets or governments mandate discrimination. True or False? TRUE
Which of the following is an example of labor-market discrimination assuming that worker A and B have identical characteristics except for the ones listed. A firm offers a higher salary to worker A than worker B because worker A is a young blonde woman, whereas worker B is an older, grey-haired man.
Efficiency wages may decrease employee turnover. True or false? TRUE
In determinig wages, ability, effort, and chance play a role, but their importance is hard to gauge since ability, effort, and chance are hard to measure.
When employers sort employment applications into high-ability and low-ability people based on whether or not the application has a college degree (irrespective of major), they are providing evidence in support of signaling theory of education.
Traci and Ken both work at the locat factory producing tractors. Trace earns $20/hr working days, and Ken earns $22/hr working nights. Traci and Ken do the same job, have the same experience, and have the same level of education. This means that the higher-paying job has a compensating wage differential of $2/hr.
Which of the following can be used to help explain wage differences among different groups of workers? human capital acquired through education, human capital acquired through job experience, and compensating differentials.
Discrimination is usually not a profit-maximizing strategy. True or false? TRUE
Created by: debra473 on 2012-12-08



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