Exam 11: The Labor Market

(Table) Based on the table, the marginal physical product of the fifth worker is L TP 0 0 0 \ 10 \ 0 1 6 6 \ 10 \ 60 2 13 7 \ 10 \ 70 3 22 \ 10 \ 90 4 35 13 \ 10 5 47 \ 10 \ 120 6 57 10 \ 10 \ 100 7 65 8 \ 10 \ 80 8 6 \ 10 \ 60 9 76 5 \ 10 \ 50 10 80 4 \ 10 \ 40

Nonwork-related activities are known in economics as

(Table) Based on the table, the marginal physical product of the third worker is L TP 0 0 0 \ 10 \ 0 1 6 6 \ 10 \ 60 2 13 7 \ 10 \ 70 3 22 \ 10 \ 90 4 35 13 \ 10 5 47 \ 10 \ 120 6 57 10 \ 10 \ 100 7 65 8 \ 10 \ 80 8 6 \ 10 \ 60 9 76 5 \ 10 \ 50 10 80 4 \ 10 \ 40

Gary Becker concludes that the cost of wage differentials and market competition will drive discrimination down to zero in the long run.

A right-to-work law is a _____ shop illegal.

Which stipulation describes the Civil Rights Act of 1964?

Industries that require a high level of technology have been outsourced from the United States because of international trade.

The demand for labor will be more elastic in the short run than in the long run.

Which of these statements is TRUE? I. José has been told that since the job he has just started is part of a union shop, he has 30 days to join the union. II. Amy has learned that because her workplace is a closed shop, she must pay union dues even though she is not a member of the union. III. Michelle found out that she could not get a job at the local factory since it is a closed shop and she is not a member of the union.

If the fast-food industry provided free meals for all relatives of its employees, the

The act that requires men and women to receive equivalent pay for equal work is the

A sweatshop in California can sell socks for $0.50 a pair, and $0.10 of the price covers all nonlabor costs. If a worker can produce twenty pairs of socks per hour, how much can the sweatshop owner afford to pay the worker?

The elasticity of demand for labor measures how responsive the quantity of labor demanded is to changes in wages.

Explain the segmented labor markets theory of discrimination. Include a description of its different branches.

The U.S. law that promoted union organization is the _____ Act, while the law that placed many restrictions on union organization is the _____ Act.

The _____ segments occupations into predominately male and female jobs.

Gary Becker's theory of economic discrimination argues that

A(n) _____ shop is one in which employees are not required to join the union, but they must pay dues to compensate the union for its services.

(Table) Based on the table, what is the value of C? Units of Labor Quantity of Output Product Price Marginal Revenue Product 1 20 \ 10 2 28 10 A 3 35 10 B 4 41 10 C 5 D 10 \ 30 6 35 10

Suppose that the demand for wireless routers falls as cities begin offering Internet access city-wide. What would happen to the labor market in the wireless router industry?