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MODERN LABOR ECONOMICS THEORY AND PUBLIC POLICY PDF

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Modern Labor. Economics. Theory and Public Policy. Eleventh Edition. Ronald G. Ehrenberg. School of Industrial and Labor Relations. Cornell University. Full file at exigo.pro Policyth-Edition-Ehrenberg-Test-Bank Modern Labor Economics, 12e. Modern Labor Economics This page intentionally left blank Modern Labor Economics Theory and Public Policy Eleventh Edition Ronald G. Ehrenberg School of.


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1 Introduction. The Labor Market Labor Economics: Some Basic Concepts Positive Economics The Models and Predictions of Positive Economics Modern Labor Economics: Theory and Public Policy, Twelfth Edition. Ronald G. Ehrenberg • Robert S. Smith. Chapter Outline. The Labor Market: Definitions. Modern Labor Economics: Theory and Public Policy (12th Edition) [Ronald G. Ehrenberg, Robert S. Smith] on exigo.pro *FREE* shipping on qualifying offers.

Thus, the interplay of supply and demand determines a unique market-clearing wage. In reality, however, we observe that the pay for an hour of work differs across occupations and jobs. For example, college graduates in the UK earn, on average, 40 per cent more per year than high-school graduates, and elephant handlers at the zoo receive a wage premium because elephants are said to pose an extra risk.

In this chapter we will study how wages vary with job amenities and in the next chapter we study how wages vary with skills.

The idea that wages vary with job amenities is the cornerstone of the compensating wage differential theory we analyse here. The basic argument was made in by Adam Smith: Subscribe to view the full document. Adam Smith, The Wealth of Nations. This quotation implies that the workers care about the well-being generated by all the characteristics of the job and not only about the wage.

Firms also care not only about the wage they pay but also about the costs and productivity effects of providing a given set of job characteristics.

Thus, the determination of the equilibrium wage takes into account the whole of the advantages and disadvantages of a job.

Modern labor economics theory and public policy

The typical examples of compensating wage differentials developed in textbooks are concerned with the relation between wages and risky jobs and wages and benefits. The presentation of this material in the essential and additional readings is excellent and we thought that rather than working on these cases we could present an alternative theme that follows from what we have been doing in the preceding chapters.

Answer: B Question Status: Old 22 If the price of capital increases in an industry and the scale effect dominates, A wages and employment levels will both increase. B wages and employment levels will both decrease. C wages will increase and employment levels will decrease. D wages will decrease and employment levels will increase. Answer: B Question Status: Old 23 Workers in an industry are probably underpaid if A employers have difficulty hiring and retaining qualified workers.

B the workers cannot afford to quit their jobs.

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C the workers could receive a higher salary in another occupation. D firms in the industry are making a positive profit.

B a worker's wage rate. C the income a worker receives from his or her labor. D the amount by which a worker's wage exceeds his or her reservation wage. Answer: D Question Status: Old 25 Which of these persons is officially classified as being "not in the labor force"?

A Alex, who was fired from his job two months ago and is searching for a new job.

B Bob, who would start looking for work if he thought he could get a good job. C Cole, who has never worked but just started looking for work two weeks ago. D Durk, who is working at a low wage job that does not challenge him. A a lower wage B an increase in product demand C an increase in the supply of labor D all of the above shift the labor demand curve up Answer: B Question Status: Old 28 Which of the following occurs if a firm pays workers more than the market wage?

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A Its application rate will be higher than usual. B Its quit rate will be lower than usual. C It will have a surplus of labor. D All of above occur. Answer: D Question Status: Old 29 "Police persons are finding more lucrative and diverse alternative careers in the private sector. Select the best pair of answers. D go down as employment falls. A a wage above the market-clearing wage B an increase in the supply of workers C a decrease in the demand for workers D more workers wanting to work at higher wages Answer: A Question Status: Old 32 It has been said that CEOs Chief Executive Officers who are in charge of their firms are overpaid.

Which of the following would be evidence if true that they are, in fact, overpaid? A CEOs make many times what their workers make. B Firms find that they can find equally qualified persons for a lower salary. C CEOs' salaries have increased very rapidly. D When CEOs leave their jobs to take new jobs, their new jobs pay more.

Answer: B Question Status: Old 33 It has been said that teaching assistants to professors are underpaid. Which of the following would be evidence if true that they are underpaid? A There is a surplus of teaching assistants.

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B Teaching assistants are paid far less than professors, even though they are doing similar work. C Teaching assistants are made to work more than other workers in their job.

D Professors have a hard time finding qualified teaching assistants. Answer: D Question Status: Old 34 If unions raise wages above their market clearing level, then A more workers will be able to get better jobs, increasing employment. B there will be a shortage of workers. C persistently high rates of unemployment will result. D this will be Pareto efficient. Answer: C Question Status: Old 35 Which of the following events could explain why wages and employment could fall in a competitive labor market?

A The demand curve shifts right and up. B The demand curve shifts left and down. C The supply curve shifts left and up. D The supply curve shifts right and down. Which of the following could occur if the price of capital falls and labor and capital are substitutes in production?

A It takes 2. B It takes 1.

C It takes 2. D It takes 1. Answer: The monthly unemployment rate is estimated by the government based on information collected in the Current Populations Survey, a survey administered to approximately 50, households every month.

In order to be counted as unemployed, one must be available to work and to have looked for work within the last month or, alternatively, must be laid off and awaiting recall to one's previous employer. Question Status: New 38 Suppose that there are million people in the population aged 16 and over.

Further suppose that million people have jobs and that 10 million people are unemployed. What is the unemployment rate?

How many people are not in the labor force? The labor force consists of the employed plus the unemployed, totaling million people. Furthermore, suppose that the consumer price index is Based on the information given, the purchasing power of American worker earnings increased during the s.

True or false? Answer: False. Give examples of each. Answer: One type of employee benefit is a payment in-kind. Payments in-kind include medical insurance, dental insurance, unemployment insurance taxes, and paid vacations or personal time.

The other major type of employee benefit is deferred payment. Deferred payments include various forms of retirement income pension income, contributions into pension plans, and Social Security taxes. Question Status: New 41 Draw a hypothetical labor demand curve for machinists in the aircraft industry.

What is being held constant in drawing your labor demand curve? Why does the curve look as you have drawn it? Why does the shape of this curve depend on the period of time short run versus long run under consideration? Answer: The labor demand curve for machinists in the aircraft industry should be negatively sloped with the wage on the vertical axis and quantity or employment of machinists on the horizontal axis.

The labor demand curve reflects an inverse relationship between the wage paid to machinists and the quantity of machinists demanded. The curve assumes the prices of other factors of production, such as capital or other types of labor, the state of technology, and the product demand curve are held constant.

The labor demand curve for machinists is negatively sloped because a change in the machinist wage rate generates both a scale and a substitution effect. To illustrate, suppose the wage rate increases.

The increase in the wage raises aircraft manufacturer production costs which aircraft manufacturers will attempt to pass on to consumers through an increase in the product price.

Ideas versus ideology: The origins of modern labor economics

An increase in product price, given the product demand curve, leads to a reduction in demand for aircraft which in turn implies fewer machinists demanded. This effect is the scale effect of the wage increase.

In addition, the higher machinist wage implies that machinists are relatively more expensive compared to other factors of production. Aircraft manufacturers will therefore also wish to switch production methods toward less machinist-intensive production technologies. This effect is the substitution effect of the wage increase. Taken together, the scale effect and the substitution effect of a wage change work in the same direction and imply that quantity demanded decreases in response to a wage increase and that quantity demanded increases in response to a wage reduction.In reality, however, we observe that the pay for an hour of work differs across occupations and jobs.

Old 37 How is the monthly unemployment rate determined in the United States?

A It takes 2. C there will be a shortage of labor in the industry.

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