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Exam 19: Earnings and Discrimination

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Question 71

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Which theory is supportive of the idea that increasing educational levels for all workers would raise all workers' productivity and therefore their wages?

A) The theory of compensating differentials
B) The efficient-market hypothesis
C) Human-capital theory
D) Signaling theory

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

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Question 72

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Figure 19-7 ​ ​ -Refer to Figure 19-7. Given demand, D1, and supply, S1, how many workers are unemployed if a minimum wage of $8 per hour is imposed on this market?

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Question 73

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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.

A cutting-edge biotech firm is hiring recent college graduates. To attract the very best applicants and to increase worker effort the firm is paying a wage 20% higher than the market wage for entry level employees in this industry. What is the term for the wage paid in this example?

Workers who work the night shift at factories are paid more than similar workers who work the day shift due to a

If people with blue eyes earn more than people with brown eyes, we have proof of discrimination against people with brown eyes.

Figure 19-6 -Refer to Figure 19-6. This figure depicts labor demand and supply for the widget industry. The market equilibrium wage is $15. If the minimum wage in the economy is $12.50, how many hours of labor will be demanded from firms in the widget industry?

Which of the following explains why soccer players make millions of dollars in Europe but do not in the United States?

Figure 19-1 -Refer to Figure 19-1. What is the change in employment of having the minimum wage at $9 instead of $7?

Figure 19-6 -Refer to Figure 19-6. This figure depicts labor demand and supply for the widget industry. The equilibrium market wage is $15. If a labor union forms within the widget industry and subsequently negotiates an hourly wage of $17.50, then there will be an

Empirical evidence suggests that ability, effort, and chance are not likely to be significant contributors to wage differences.

Figure 19-6 -Refer to Figure 19-6. This figure depicts labor demand and supply for the widget industry. The equilibrium market wage is $15. Suppose a labor union forms and subsequently negotiates an hourly wage of $25.00. Which of the following statements is true?

List three reasons why wages could be set above the equilibrium wage.

When employers sort employment applications into high-ability and low-ability people based on whether or not the applicant has a college degree (irrespective of major) , they are providing evidence in support of the

According to economic historians, streetcars in southern cities in the early 1900s were racially segregated because the owners of the firms believed that segregation raised the firms' profits.

Assuming that all other things are equal, including the wage, which of the following statements is correct?

Figure 19-7 ​ ​ -Refer to Figure 19-7. Given demand, D1, and supply, S2, how much more do the workers with jobs earn per hour if a minimum wage of $8 per hour is imposed on this market?

According to the human-capital view, education

Figure 19-5 -Refer to Figure 19-5. Given demand for labor, D₁, and supply of labor, S₁, what is the quantity demanded of labor if a minimum wage of $8 per hour is imposed on this market?

Figure 19-3 -Refer to Figure 19-3. Suppose the manufacturing labor market, which is nonunionized, is in equilibrium at a wage equal to $25. Suppose now that the AFL-CIO (a labor organization) organizes the workers in the manufacturing market and negotiates a wage of $30 per hour. After the workers become unionized, how many workers do manufacturing firms collectively hire?