1. John Maynard Keynes was among the very first economists to write extensively about "wage rigidity, " which refers to: (a) failure of market wages to adjust to exogenous shocks to the economy; (b) the tendency for wages to fall when economic conditions weaken, but not to rise much when the economy strengthens; (c) the relative infrequency of statutory minimum wage increases; (d) the inflexibility of labor unions when issuing wage demands.

1. A shrinking gap between the expected lifetime productivity of college graduates when compared to non-college graduates can be referred to as a shrinking: (a) marginal product of non-college educated workers; (b) productivity premium; (c) the natural, or expected, result of much improved high school education; (d) none of the above.

By multiplying average length of the workweek by average hourly wages, analysts derive a relatively strong measure of: (a) average weekly wages; (b) total worker compensation; (c) worker productivity; (d) a lagging indicator of unemployment rates