LABOR ECONOMICS
8th Edition
ISBN: 9781260004724
Author: BORJAS
Publisher: RENT MCG
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Question
Chapter 7, Problem 7RQ
To determine
The major changes that occurred in the U.S. wage distribution during 1980s and 1990s.
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Give three reasons a worker’s wage might be above the level that balances supply and demand.
Analyse the factors determining the wage rate in the labour market.
Analyse and elaborate the factors determining the wage rate in the labour market.
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- Think of a job that either you or a friend/relative held that paid a wage that you thought was either unfair or inequitable compared to the wages or salaries of other positions within the business or within the wider business community. Answer the following questions in relation to that example. On what basis do you think the wage was set? I.e. What factors influenced how much the organization valued the role? Why did you think it was unfair? If there was an opportunity to be covered by a Union contract/agreement, do you think there would have been an increase/decrease in the wage? If you were the employer, what would cause you to increase the wage for that role? and finally, 5. Do you think that the wages/salaries of the main "jobs" in our society are allocated fairly? Provide an example of a role that you think is highly undervalued and explain why. For example, should CEOs and celebrities earn millions of dollars each year compared to child care workers or stay at home parents who…arrow_forwardHow is the market-compensating wage differential between safe jobs and risky jobs determined? Which type of job will offer a higher wage?arrow_forwardExplain ways in which a firm might increase its profits by raising the wages it pays.arrow_forward
- America's welfare systems are closely linked to employment. What does this indicate about U .S. attitudes toward welfare systems?arrow_forwardWhich of the following is a compensating wage differential ? Extensive physical effort Stressful work environment Unattractive hours of work Smoke All of the abovearrow_forwardTRUE OR FALSE. When the wage rate increases by 20% & the quantity supplied of labor increases by 5%, then this type of labor is considered wage inelastic.arrow_forward
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