Enter your answer to each of the questions in the blank to the left of the question. Be sure to use lowercase letters only!
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1. The real wage:
a. is the hourly wage of most workers.
b. the purchasing power of an hour's work.
c. both a and b.
d. neither a nor b.
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2. Which of the following describes the changes for workers over the last 100 years?
a. Increasing wages and increasing hours of work.
b. Increasing wages and decreasing hours of work.
c. Decreasing wages and increasing hours of work.
d. Decreasing wages and decreasing hours of work.
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3. The demand for labor is determined by:
a. its price.
b. its marginal productivity.
c. both a and b.
d. neither a nor b.
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4. Which of the following are determinants of the supply of labor?
a. hours worked
b. labor-force participation
c. immigration
d. all of the above.
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5. From 1960 to 2000, the labor force participation rate of women has _______ while the labor force participation rate of men has _______.
a. increased; decreased
b. decreased; increased
c. increased; stayed the same
d. stayed the same; increased
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6. Wage differentials that serve to compensate for the relative attractiveness, or nonmonetary differences, among jobs are called:
a. discrimination.
b. collective bargaining.
c. compensating differences.
d. human capital.
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7. By attending school, you are investing in:
a. human capital.
b. collective bargaining.
c. both a and b.
d. neither a nor b.
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8. Diane Sawyers, a newscaster, makes a lot of money because:
a. she is beautiful.
b. she has particular skills or attributes that are highly valued by news watchers.
c. she is a member of a union.
d. none of the above.
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9. The major national labor organization in the United States is the:
a. CIO.
b. Teamsters.
c. AFL-CIO.
d. NAACP.
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10. The process of negotiation between representatives of firms and of workers for the purpose of establishing mutually agreeable conditions of employment is called:
a. collective bargaining.
b. compensating differences.
c. negotiation.
d. none of the above.
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11. Which of the following barred child labor, called for time-and-a-half pay for weekly hours over 40, and set a federal minimum wage for most nonfarm workers?
a. Clayton Act
b. McCain-Feingold Bill
c. Fair Labor Standards Act
d. none of the above
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12. Which of the following is true?
a. Unions ensure that there is no unemployment in the economy.
b. Unions gain market power by obtaining monopoly rights on the provision of labor to particular firms.
c. Unions cause the real wage to fall across the economy.
d. none of the above.
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13. Work is _______ that must be shared among the potential workers. In the short run, when wages and prices are _______, the adjustment process can be eased by appropriate macroeconomic policies.
a. a lump; easily adjusted
b. a lump; sticky
c. not a lump; easily adjusted
d. not a lump; sticky
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14. Discrimination typically involves:
a. different treatment of different people based on some personal characteristics.
b. practices that inversely impact certain groups.
c. both a and b.
d. neither a nor b.
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15. When individuals are treated on the basis of the average behavior of members of the group to which they belong rather than on their personal characteristics, we call that:
a. group discrimination.
b. probability discrimination.
c. statistical discrimination.
d. none of the above.
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