An important feature of the labor market in the United States and Canada is that median...
An important feature of the labor market in the United States and Canada is that median wages, adjusted for inflation, have grown steadily in recent decades as a result of technological change boosting workers productivity.
True or False?
Homework Answers
FALSE-
The median hourly wage has declined 2% since 2003 for average American after factoring in inflation, even though productivity has risen steadily over this time period.
This is the reason wages make up for lowest share in GDP.
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An important feature of the labor market in the United States
and Canada is that median...
Suppose that the United States and Canada have the factor United States Canada endowments in the...
Suppose that the United States and Canada have the factor United States Canada endowments in the table to the right. Suppose further that the production requirements for a unit of cement are 3 machines and 12 workers, and the requirement for a unit of bread is 2 Capital 75 machines 45 machines Labor 225 workers 90 workers machines and 11 workers. After trade commences between the United States and Canada, it will be the case that the return to capital...
The median age in the United States has gradually increased over the last several decades. True...
The median age in the United States has gradually increased over the last several decades. True False
2. The United States has often regarded China as a major violator of intellectual property laws....
2. The United States has often regarded China as a major violator of intellectual property laws. a. True b. False 3. According to the fast-track provision of U.S. trade law, once the president has completed trade negotiations, their outcome is subject to a vote (without amendment) in Congress within 90 legislative days of submission. a. True b. False 4. According to some labor unions in advanced countries such as Canada and the United States, the international trade rules of the...
Consider the following model of the labor market in the United States. Suppose that the labor...
Consider the following model of the labor market in the United States. Suppose that the labor market consists of two parts, a market for skilled workers and the market for unskilled workers, with different demand and supply curves for each as given below. The initial wage for skilled workers is $20 per hour; the initial wage for unskilled workers is $7 per hour. a. Draw the demand and supply curves for the two markets so that they intersect at the...
During the past 30 years, income inequality in the United States has increased in part due...
During the past 30 years, income inequality in the United States has increased in part due to rapid technological change. How does technological change contribute to income inequality? A.Technology complements the skills of the well−educated while rendering redundant the labor services of unskilled and low skilled workers. This causes a decline in the wages of low and unskilled workers relative to other workers. B. The opportunity cost of investing in technology is investments in human capital. The resulting decrease in...
Which of the following statements about income distribution in the United States is NOT true? Over...
Which of the following statements about income distribution in the United States is NOT true? Over the past several decades, the rich have grown richer. Over the past several decades, the middle class has grown faster than other classes. Over the past several decades, the poor have remained poor. The top 20 percent of earners capture over 50 percent of all income. The top five percent of American earners get nearly 22 percent of the country's adjusted gross income.
27. If the market wage for electrical engineers in the United States is $50 per hour,...
27. If the market wage for electrical engineers in the United States is $50 per hour, then we know that the marginal product of electrical engineers is: Os at least $50 an hour. Ob. exactly $50 an hour. Oc approximately $50 an hour. Od. less than $50 an hour. 28. A college education in the United States: Oa. is not counted as human capital market issues. Ob. does not command the same high wages as it did in the past....
Question 13 1pts Suppose that the labor market for low skill jobs in California is close...
Question 13 1pts Suppose that the labor market for low skill jobs in California is close to a competitive labor market. Many of low skill labor are from Mexico and Central America. Some politicians are considering restricting immigration from these countries. This would cause a decrease in the supply of labor leading to an increase in the equilibrium wage and an increase in the equilibrium quantity of labor employed. a decrease in the supply of labor leading to an increase...
3. How changes in the market for output affect the demand for labor In this question, you'll explore the effect of a plentiful crop in Vermont on the price of blueberries in the United States, as...
3. How changes in the market for output affect the demand for labor In this question, you'll explore the effect of a plentiful crop in Vermont on the price of blueberries in the United States, as well as on the daily wages of blueberry pickers in Florida. Assume that blueberry buyers don't care whether their blueberries come from Vermont or Florida. On the following graph, show the effect the plentiful crop in Vermont has on the market for blueberries in the United...
Consider the labor market for artisanal bakers in the United States. What would happen to labor...
Consider the labor market for artisanal bakers in the United States. What would happen to labor demand or labor supply if the following situations occurred? Fast-food restaurants and restaurant chains start promoting artisanal foods in order to draw a more sophisticated clientele, and the ad campaign works. Happy that their talents are being recognized, artisanal bakers increase their rate of production. Social norms used to make it difficult for women to be artisanal bakers, but these norms have decreased over...
Suppose that the United States and Canada have the factor United States Canada endowments in the table to the right. Suppose further that the production requirements for a unit of cement are 3 machines and 12 workers, and the requirement for a unit of bread is 2 Capital 75 machines 45 machines Labor 225 workers 90 workers machines and 11 workers. After trade commences between the United States and Canada, it will be the case that the return to capital...
The median age in the United States has gradually increased over the last several decades. True False
27. If the market wage for electrical engineers in the United States is $50 per hour, then we know that the marginal product of electrical engineers is: Os at least $50 an hour. Ob. exactly $50 an hour. Oc approximately $50 an hour. Od. less than $50 an hour. 28. A college education in the United States: Oa. is not counted as human capital market issues. Ob. does not command the same high wages as it did in the past....
Question 13 1pts Suppose that the labor market for low skill jobs in California is close to a competitive labor market. Many of low skill labor are from Mexico and Central America. Some politicians are considering restricting immigration from these countries. This would cause a decrease in the supply of labor leading to an increase in the equilibrium wage and an increase in the equilibrium quantity of labor employed. a decrease in the supply of labor leading to an increase...
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