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business
contemporary labor economics

Questions and Answers of Contemporary Labor Economics

Evidence suggests that firms that sell their products in less competitive product markets are more likely to be unionized than firms selling in highly competitive markets. Recalling from Chapter 5
Indicate the overall size of the measured union wage advantage. Does recent evidence suggest that the advantage has increased or decreased? Comment on and explain cyclic changes in the union wage
How is the pure union wage advantage defined? If in a given labor market the wage rate would be $16 without a union and $20 with a union, then what is the pure union wage advantage? Explain how, and
Under what elasticity of labor demand conditions could a union restrict the supply of labor—that is, shift the supply curve leftward—and thereby increase the collective wage income (wage bill) of
Explain the rapid growth of public sector unionism in the 1960s and early 1970s, despite the general deunionization of the economy during this period.
Critically evaluate each of these statements:a. “The relative decline of the American labor movement can be explained by the shift from goods-producing to service providing industries and by the
How might labor mobility and migration affect the degree of monopsony power in labor markets?
Use Table 9.1 to determine the impact of wage-induced labor migration ona. The combined output of the two regions.b. Capital versus wage income in the destination region.c. The average wage rate in
Use Equation (9.1) to explain the likely effect of each of the following on the present value of net benefits from migration: Equation 9.1 (a) Age, (b) Distance, (c) Education, (d) Marital
Explain why “pay comparability” legislation requiring that the public sector remunerate government employees at wages equal to private sector counterparts might create excess supplies of labor in
Referring back to Figure 7.8, explain why wage differentials resulting exclusively from efficiency wage payments (shirking model and turnover model) will persist rather than erode over time.Figure
Explain why it may be in a worker’s short-term best interest to have job titles restated to add status: say, becoming a mixologist rather than a bartender or being referred to as a sanitation
Identify and explain a separate common problem associated with each of the following pairs of compensation plans:a. Piece rates; bonuses tied to individual performance.b. Bonuses applied to team
The U.S. Office of Management and Budget has estimated that the tax-exempt status of fringe benefits such as pensions and group insurance reduced tax revenue to the Treasury by about $350 billion in
Use the production data shown here on the left and the labor supply data on the right for a single firm to answer the following questions. Assume that this firm is selling its product for $1 per unit
Complete the following table for a single firm operating in labor market A and product market AA:a. What, if anything, can one conclude about the degree of competition in labor market A and product
Answer the following questions on the basis of the table shown here. QB is type B labor, and VMPBx and VMPBy are the industry values of the marginal products of this labor in producing x and y, the
Predict the impact of each of the following on the equilibrium wage rate and level of employment in labor market A:a. An increase in labor demand and supply in labor market A.b. The transformation of
What effect will each of the following have on the market labor demand for a specific type of labor?a. An increase in product demand that increases product price.b. A decline in the productivity of
Use the total wage bill rules and the labor demand schedule in Question 4 to determine whether demand is elastic or inelastic over the $6 to $11 wage rate range. Compute the elasticity coefficient
Suppose marginal productivity tripled while product price fell by half in Table 5.2. What would be the net impact on the location of the short-run labor demand curve in Figure 5.2?Figure 5.2Table 5.2
“It would be incorrect to say that an industry’s labor demand curve is simply the horizontal sum of the demand curves of the individual firms.” Do you agree? Explain.
Is labor demand (a) Elastic, (b) Unit elastic, (c) Inelastic over the $4 to $12 wage rate range of DL in Figure 5.11(b)? Explain by referring to the total wage bill rules (Figure 5.7) and the
Explain how each of the following would affect the demand schedule you derived in Question 4:(a) An increase in the price of a gross substitute for labor,(b) A decrease in the price of a pure
By referring to Figure 5.11(a), Explain the impact of the increase of the price of labor on the cost-minimizing quantity of capital. What can you conclude about the relative strengths of the
In the accompanying diagram, WH is the budget line resulting from labor market work. Describe the characteristics of the income maintenance programs implicit in budget lines HBW€², HBYW,
Given the data in Table A, complete the labor demand schedule shown in Table B. Contrast this schedule to the value of marginal product schedule that would exist given these data. Explain why the
“Only that portion of the MP curve that lies below AP constitutes the basis for the firm’s short-run demand curve for labor.” Explain.
Suppose the quantity of capital is fixed at 10 units in Figure 5.8. Explain, by drawing a horizontal line rightward from 10 K, the short-run law of diminishing marginal returns discussed in the body
Indicate the implications of each of the following for estimates of the rate of return on a college education:(a) The screening hypothesis,(b) The possibility that a portion of one’s expenditures
Describe the expected effects that college scholarships based on (a) Student ability, (b) Student need are likely to have on the distribution of earnings.
What is the college wage premium? Can you explain why the premium (a) Declined in the 1970s. (b) Increased since the 1980s?
Use a work–leisure diagram to demonstrate that (a) If African-Americans have labor market opportunities that are inferior to those of whites (b) Nonlabor income is available in the form of, say,
“The added-worker effect can be explained in terms of the income effect, while the discouraged-worker effect is based on the substitution effect.” Do you agree?
Floyd is now working in a job that pays $18,000 per year. He is contemplating a one-year automobile mechanics course that costs $1,000 for books and tuition. Floyd estimates that the course will
The accompanying diagram restates the basic work€“leisure choice model presented in Chapter 2. Use this diagram to explain the declining workweek occurring in the pre€“World War
“Empirical evidence for the United States suggests that labor force participation varies directly with unemployment.” Do you agree? Explain in terms of the discouraged-worker and added-worker
What has happened to the aggregate labor force participation rate in the post–World War II period? To the participation rates of males and females?
In 2014 the United States had a population of 319 million, of which 71 million were either under 16 years of age or institutionalized. Approximately 156 million people were either employed or
One way of aiding low-income families is to increase the minimum wage. An alternative is to provide a direct grant of nonlabor income. Compare the impact of these two options on work incentives.
If an income maintenance program entails a $3,000 basic benefit and a benefit reduction rate of .30, what will be the size of the subsidy received by a family that earns $2,000 per year? What will be
Use a work–leisure diagram that includes nonlabor income to portray an individual who is maximizing utility by working, say, eight hours per day. Now compare the labor supply effects of imposing
Suppose Lauren is given two options by her employer. First option: She may choose her own hours of work and will be paid the relatively low wage rate implied by budget line HW1shown in the
Why is economics a science of choices? Explain the kinds of choices confronting workers and employers in labor markets. Distinguish between microeconomics and macroeconomics.
What is the relative importance of labor as an economic resource?
Indicate in each of the following instances whether the specified circumstances will cause a worker to want to work more or fewer hours:a. The wage rate increases and the substitution effect is
The “supply-side” economics of the Reagan administration (1981–1988) presumed that income tax cuts would stimulate incentives to work and thereby increase economic growth. Demonstrate this
What are the major features or assumptions of the economic perspective?
Briefly compare the “old” and “new” labor economics.
Indicate whether each of the following statements pertains to microeconomics or macroeconomics:a. The unemployment rate in the United States was 6.2 percent in 2014.b. Workers at the Sleepy Eye grain
Why must the concepts of supply and demand as they pertain to product markets be modified when applied to labor markets?

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