Question 1

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) B) and E)
G) B) and D)

Question 2

Mr. Kohl made $44,000 in 2004, the base year. By 2010 he was earning $60,000. If the CPI had risen to 120 by 2010, how much were Mr. Kohl's real wages that year, and by what percentage had they changed?

Accepted Answer

The answer of Mr. Kohl made $44,000 in 2004, the...

Question 3

Economic rent is the difference between _____________ and ________________.

Accepted Answer

what someone is paid...

Question 4

The last time Congress raised the U.S. minimum wage was in the year _______.

Accepted Answer

A)  1988
B)  1991
C)  1994
D)  1997
E)  2007F) A) and D)
G) A) and B)

Question 5

As of July 2009, the legal hourly minimum wage was ________.

Accepted Answer

A)  $5.15
B)  $6.20
C)  $7.25
D)  $12.30E) B) and C)
F) None of the above

Question 6

Mr. Hussein was paid $8 an hour in 1989, the base year. In 1996, the CPI stood at 120 and he was earning $12 an hour. How much were Mr. Hussein's real wages in 1996 and by what percentage had they changed since 1989?

Accepted Answer

The answer of Mr. Hussein was paid $8 an hour...

Question 7

Real wages have fallen in the U.S. since 1973 for which of the following reasons?

Accepted Answer

A)  Productivity growth slowed down during this period.
B)  American factories were closing left and right as our relatively high-paying manufacturing jobs went to other countries.
C)  The decline in the percentage of better-paid, unionized workers in the United States.
D)  All of the choices are correct.E) None of the above
F) A) and C)

Question 8

When thinking about the price of gas in terms of how many minutes you would need to work to pay for a gallon of gas, in 2006 you would have had to work about ______ minutes.

Accepted Answer

A)  4
B)  5
C)  9
D)  14E) B) and C)
F) A) and C)

Question 9

In order for real wages to grow

Accepted Answer

A)  productivity must grow.
B)  productivity must fall.
C)  money wages must grow.
D)  money wages must fall.E) None of the above
F) A) and D)

Question 10

Today the great divide between the haves and have-nots is a _______________.

Accepted Answer

The answer of Today the great divide between the haves...

Question 11

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) B) and C)
F) None of the above

Question 12

In 1991, the base year, you were earning $350/week. Your wages rose to $450 in 2000, the current year, when the Consumer Price Index stood at 135. What statement can you make about what happened to your real wages over this period?

Accepted Answer

A)  They rose.
B)  They fell.
C)  They remained the same.
D)  There is not enough information to determine whether they rose, fell, or remained the same.E) All of the above
F) B) and D)

Question 13

Which statement is true?

Accepted Answer

A)  There is a wide earnings differential in the U.S.between high school graduates and college graduates.
B)  There is a wide disparity in income in the United States.
C)  The primary job market has most of the good jobs.
D)  Over time the distinctions among non-competing groups tend to blur.
E)  All of the statements are true.F) A) and B)
G) A) and E)

Question 14

Statement I: American workers are paid the highest hourly wages and fringe benefits in the world. Statement II: The average hourly wage in the United States in 2008 was about $9.00.

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) B) and C)
F) C) and D)

Question 15

If someone earned $25 million a year acting on a sitcom, the chances are that _____ of that $25 million would be economic rent.

Accepted Answer

A)  none
B)  a small part
C)  a large part
D)  allE) None of the above
F) A) and B)

Question 16

Conservative economists would like to help younger workers get work experience by

Accepted Answer

A)  setting up a government jobs program.
B)  raising the minimum wage rate.
C)  lowering the minimum wage rate.
D)  passing a law requiring employers to hire teenagers ahead of older workers who are equally qualified.E) B) and C)
F) A) and B)

Question 17

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

Accepted Answer

A)  Germany
B)  Britain
C)  Canada
D)  United StatesE) All of the above
F) A) and B)

Question 18

If the legal minimum wage is set below the equilibrium wage rate

Accepted Answer

A)  employment will tend to be lower than it otherwise would have been.
B)  employment will tend to be higher than it otherwise would have been.
C)  the level of employment will not be affected.
D)  there is no way to determine how the level of government would be affected.E) All of the above
F) A) and B)

Question 19

Which statement is true?

Accepted Answer

A)  Virtually everyone agrees that the federal minimum wage rate should be raised.
B)  Virtually everyone agrees that the federal minimum wage rate is currently too high.
C)  Many people believe that the federal minimum wage rate is too high, while many others believe it is too low.
D)  Most people agree that the federal minimum wage rate is just about at the right level.E) A) and B)
F) A) and C)

Question 20

If you have a chance to be a stand-up comic earning $2 million, a plumber at $100,000, or an assembly line worker at $20,000, and would be willing to work at any of these jobs for $20,000, how much would your economic rent be if (a) you were a stand-up comic? (b) you were a plumber? (c) you were an assembly line worker?

Accepted Answer

(a) $1,980...

Exam 16: Labor Markets and Wage Rates

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

Correct Answer
verified

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

Correct Answer
verified

Today the great divide between the haves and have-nots is a _______________.

Correct Answer
verified

Mr. Hussein was paid $8 an hour in 1989, the base year. In 1996, the CPI stood at 120 and he was earning $12 an hour. How much were Mr. Hussein's real wages in 1996 and by what percentage had they changed since 1989?

Correct Answer
verified

Mr. Kohl made $44,000 in 2004, the base year. By 2010 he was earning $60,000. If the CPI had risen to 120 by 2010, how much were Mr. Kohl's real wages that year, and by what percentage had they changed?

Correct Answer
verified

Economic rent is the difference between _ and ____.

Correct Answer
verified
what someone is paid...
View Answer

In order for real wages to grow

Correct Answer
verified

Correct Answer
verified
(a) $1,980...
View Answer

Real wages have fallen in the U.S. since 1973 for which of the following reasons?

Correct Answer
verified

If the legal minimum wage is set below the equilibrium wage rate

Correct Answer
verified

The last time Congress raised the U.S. minimum wage was in the year _______.

Correct Answer
verified

Conservative economists would like to help younger workers get work experience by

Correct Answer
verified

In 1991, the base year, you were earning $350/week. Your wages rose to $450 in 2000, the current year, when the Consumer Price Index stood at 135. What statement can you make about what happened to your real wages over this period?

Correct Answer
verified

When thinking about the price of gas in terms of how many minutes you would need to work to pay for a gallon of gas, in 2006 you would have had to work about ______ minutes.

Correct Answer
verified

As of July 2009, the legal hourly minimum wage was ________.

Correct Answer
verified

If someone earned $25 million a year acting on a sitcom, the chances are that _____ of that $25 million would be economic rent.

Correct Answer
verified

Correct Answer
verified

Statement I: American workers are paid the highest hourly wages and fringe benefits in the world. Statement II: The average hourly wage in the United States in 2008 was about $9.00.

Correct Answer
verified

Which statement is true?

Correct Answer
verified

Which statement is true?

Correct Answer
verified

Exam 16: Labor Markets and Wage Rates

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Today the great divide between the haves and have-nots is a _______________.

Correct AnswerverifiedShow Answer

Mr. Hussein was paid $8 an hour in 1989, the base year. In 1996, the CPI stood at 120 and he was earning $12 an hour. How much were Mr. Hussein's real wages in 1996 and by what percentage had they changed since 1989?

Correct AnswerverifiedShow Answer

Mr. Kohl made $44,000 in 2004, the base year. By 2010 he was earning $60,000. If the CPI had risen to 120 by 2010, how much were Mr. Kohl's real wages that year, and by what percentage had they changed?

Correct AnswerverifiedShow Answer

Economic rent is the difference between _____________ and ________________.

Correct Answerverifiedwhat someone is paid...View AnswerShow Answer

In order for real wages to grow

Correct AnswerverifiedShow Answer

Correct Answerverified(a) $1,980...View AnswerShow Answer

Real wages have fallen in the U.S. since 1973 for which of the following reasons?

Correct AnswerverifiedShow Answer

If the legal minimum wage is set below the equilibrium wage rate

Correct AnswerverifiedShow Answer

The last time Congress raised the U.S. minimum wage was in the year _______.

Correct AnswerverifiedShow Answer

Conservative economists would like to help younger workers get work experience by

Correct AnswerverifiedShow Answer

In 1991, the base year, you were earning $350/week. Your wages rose to $450 in 2000, the current year, when the Consumer Price Index stood at 135. What statement can you make about what happened to your real wages over this period?

Correct AnswerverifiedShow Answer

When thinking about the price of gas in terms of how many minutes you would need to work to pay for a gallon of gas, in 2006 you would have had to work about ______ minutes.

Correct AnswerverifiedShow Answer

As of July 2009, the legal hourly minimum wage was ________.

Correct AnswerverifiedShow Answer

If someone earned $25 million a year acting on a sitcom, the chances are that _____ of that $25 million would be economic rent.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Statement I: American workers are paid the highest hourly wages and fringe benefits in the world. Statement II: The average hourly wage in the United States in 2008 was about $9.00.

Correct AnswerverifiedShow Answer

Which statement is true?

Correct AnswerverifiedShow Answer

Which statement is true?

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
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Economic rent is the difference between _ and ____.

Correct Answer
verified
what someone is paid...
View Answer

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verified

Correct Answer
verified
(a) $1,980...
View Answer

Correct Answer
verified

Correct Answer
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