A. by inclusive unions as an argument in bargaining for wage rate increases. B. to justify the application of minimum wages to low-wage labor markets. C. to explain the divergence between wage rates and marginal resource cost. D. to explain wage
rate differences based on differing nonmonetary aspects of jobs.
A. union workers are better educated and more productive than nonunion workers.
B. expenditures on education can be explained in essentially the same way as expenditures
on machinery and equipment.
C. worker productivity correlates negatively with annual earnings.
D. the level of education is unrelated to the level of one's income.
Answer: B
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Jake is a corn farmer in Nebraska. He rents his land on a long-term lease for $250,000 a year. He pays his farm hands $28,000 a year
Is his rent a fixed cost or a variable cost? Are the wages he pays his workers a fixed cost or a variable cost? Briefly explain your answers.
Because of discrimination, which of the following have systematically earned less than others of equal ability?
a. only African-Americans b. only Hispanics c. only African-Americans and Hispanics d. African-Americans, Hispanics, and women e. only Hispanics and women