Exam 2: Overview of the Labor Market

Jobs in the "secondary" labor market typically

Table 2.1 -Given the data in Table 2.1, the labor force participation rate is

Which of the following occurs if a firm pays workers more than the market wage?

If a single small firm's demand for secretaries increases, then

Table 2.2 Workers in the Widget Industry -According to Table 2.2, in which year were the real earnings of workers in the Widget Industry highest?

If every worker wants ten dollars more per hour to work, then wages will

Which of the following events will cause the labor demand curve to shift up and to the right?

Because workers choose between various employers offering the same type of job based primarily on wages,

Long-term unemployment rates are higher in most Western European countries than in the United States because

If unions raise wages above their market clearing level, then

Which of the following events will cause a surplus of workers?

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?

If the price of capital increases in an industry and the scale effect dominates,

"Police persons are finding more lucrative and diverse alternative careers in the private sector" If this statement is true, then the supply curve of labor to policing will likely shift ________ and become ________ steep. Select the best pair of answers.

If more people enter the labor market for architects, then

Because workers have varying preferences about the type of work they like to do,