simple question about the labor market

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Economics

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HW4-Ch8 1. Assuming workers and jobs are identical, if information is perfect and job search and migration are costless, then: a. labor may or may not flow among employers c. labor will flow among employers until all economic profits are zero, but wages may be unequal b. d. labor will flow among employers until all wages are equal all firms will hire the same number of workers in equilibrium and pay them all the same wage Question 2 refers to the following diagram: Wage Wage SA DA Labor SB DB Labor 2. Consider the two labor markets shown in the diagram above. The wage rates shown represent: a. long run equilibrium b. long run equilibrium if all nonwage aspects of the jobs are identical c. long run equilibrium provided the workers are in noncompeting groups d. long run equilibrium if information is perfect and costless 3. Of the following industries, 2011 average hourly earnings were greatest in: a. public administration c. mining b. d. services construction 4. All else equal, the wage paid to steelworkers in Youngstown, Ohio will be lower if: a. the cost of living in Youngstown is lower than elsewhere c. steelworkers have less control over their work environment than in similar jobs b. working in the steel industry is louder and more dangerous than similar jobs d. jobs there are fewer prospects for promotion among steelworkers than in similar a. Firms with higher turnover costs pay lower than average wages c. Pay is positively correlated with human capital investments in a given industry 5. Which of the following research findings would support an efficiency wage explanation of pay differentials? b. Firms with higher costs of detecting shirking pay higher than average wages d. Differences in observable worker characteristics explain most of the variance in pay across industries 6. The concept of noncompeting groups suggests that workers in different groups: a. are legally prevented from competing with one another c. have comparable characteristics but work for firms in different industries b. are imperfect substitutes for one another d. have identical stocks of human capital but differing preferences for nonwage job characteristics 7. The shape of the worker’s indifference curves— I1, I2, and I3—indicates that: a. the worker faces a constant trade-off between job safety and wages b. for each successive reduction in job safety, greater increases in wages are required to maintain the same utility c. for each successive reduction in job safety, smaller increases in wages are required to maintain the same level of utility Wage Questions 7 & 8 refer to the following diagram. I1 I2 I3 P Job Safety d. for each successive reduction in job safety, smaller reductions in wages are required to maintain the same utility 8. The firm’s isoprofit curve, P, is shown as concave to the origin, reflecting the assumption that: a. b. the firm faces a constant trade-off between job safety and wages each successive increase in job safety comes at a decreasing expense to the firm c. each successive increase in job safety requires a smaller drop in wages to maintain normal profits d. firm each successive increase in job safety comes at an increasing expense to the a. labor market information is costless c. worker mobility costs are low 9. Fringe benefit packages differ substantially from one firm to the next because: b. adjustment periods tend to be short d. firms may structure their fringe benefit packages to attract specific types of workers 10. (World of Work 8-5) According to research by Kostiuk, “shift work”: a. is relatively rare because such workers do not earn a compensating wage differential b. is more common than generally understood because such workers do not earn a compensating wage differential c. provides a greater wage premium for highly educated workers than for less educated workers d. provides a greater wage premium for less educated workers than for highly educated workers End of Chapter 8 Question 4,5, and 6
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HW4-Ch8

1. Assuming workers and jobs are identical, if information is perfect and job search and
migration are costless, then:
a) Labor may or may not flow among employers
b) Labor will flow among employers until all wages are equal
c) Labor will flow among employers until all economic profits are zero, but wages may be
unequal
d) All firms will hire the same number of workers in equilibrium and pay them all the same
wage
Question 2 refers to the following diagram:

2. Consider the two labor markets shown in the diagram above. The wage rates shown
represent:

a) Long run equilibrium
b) Long run equilibrium if all nonwage aspects of the jobs are identical
c) Long run equilibrium provided the workers are in noncompeting groups
d) Long run equilibrium if information is perfect and costless

3. Of the following industries, 2011 average hourly earnings were greatest in:
a) Public administration
b) Services
c) Mining
d) Construction

4. All else equal, the wage paid to steelworkers in Youngstown, Ohio will be lower if:
a) The cos...


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