Effective minimum-wage laws will most likely create a surplus of labor Expenditures on human capital 1)reflect an expectation of some future return on the investment.Ģ)are generally embodied in a specific individual.ģ)reflect an investment of resources today to raise productivity in the future. Education raises wages because the demanders of labor are willing to pay more for highly educated workers who have higher marginal products and the suppliers of labor are willing to pay the cost of becoming educated only if they are rewarded. Both hypotheses suggest that, over time, the demand for skilled labor has risen relative to the demand for unskilled labor. Economists who attempt to explain the increasing earnings gap between skilled and unskilled workers in the United States offer two main hypotheses. Benson, can provide his services to millions of people simultaneously. The most likely explanation is that Bryce Harper, unlike Dr. In contrast, Bryce Harper, the best baseball player in that region, earns five times the average salary of all baseball players. Benson is regarded as, by far, the best dentist in his part of the country, yet his income is not significantly higher than the average income for a dentist in his area. Difference in wages can be explained by differences in job characteristics and worker characteristics. Dave earns more than Dan because Dave has more human capital. While Dan's job is inherently more dangerous than Dave's, Dave passed a difficult exam to gain promotion to detective. Dan is a patrolman and Dave is a detective in the same police precinct. Those factors include effort and natural ability. Consequently, labor economists find those factors difficult to incorporate into their studies of labor markets and wages. Certain factors that are probably important in determining wages are nevertheless difficult to measure. The higher wage offered by the funeral home is an example of a compensating differential.
She can earn $15 an hour styling hair at the local hair salon or $20 an hour styling hair at the local funeral home.
ASSUME THAT THE LAST WORKER A FIRM HIRED PRODUCES 60 UNITS LICENSE
Callie has just graduated from Hairs-R-Us Beauty School with a license to cut hair. Which of the following could explain their high wage? the stress they face Assuming that all other things are equal, including the wage, which of the following statements is correct? The quantity of labor supplied for fun jobs exceeds that for dull jobs.
They also get frequent breaks and may only work a few days a week. According to the superstar phenomenon, the most talented person in which of the following occupations is most likely to earn extremely high wages? a journalist Air-traffic controllers get paid high wages given their level of education. Which of the following would push the wages of plumbers who work on sewer lines higher? plumbers who work with sewer lines are likely to be perceived as having a "dirty" job. A plumber who specializes in cleaning plugged sewer lines is typically paid a higher wage than a plumber who works on installing water systems in new residential housing. A difference in wages between a highly-educated worker and a less-educated worker may be due to a difference in the amounts of human capital between the workers. The rental price of capital is determined by the forces of supply and demand in capital markets A compensating differential is a difference in pay due to nonmonetary characteristics of different jobs A compensation scheme that pays salespeople a percentage of the sales they make is attempting to reward work effort. The rental price of land is the price paid for the flow of services from land over a specified time period. If your wage increases from $10 per hour to $15 per hour, then your opportunity cost of an hour of leisure increases by $5 per hour A change in the supply of one factor of production changes the marginal productivities and the prices of other factors.
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