Deck 19: Inequality, Exploitation, and Economic Institutions

Question 1

Whats defention of terms:
-exploitation

Answer 1

a situation in which one group or class appropriates the labor of another group or class without paying the market price for all the commodities produced by that labor

Question 2

Whats defention of terms:
-intensity of labor

Answer 2

the effort an employee exerts each hour

Question 3

Whats defention of terms:
-monopsony

Answer 3

a market characterized by a single buyer

Question 4

Whats defention of terms:
-necessary labor

Question 5

Whats defention of terms:
-rate of exploitation

Question 6

Whats defention of terms:
-surplus labor

Question 7

Whats defention of terms:
-Taft-Hartley Act

Question 8

Whats defention of terms:
-wage ceiling

Question 9

Whats defention of terms:
-wage floor

Question 10

Define and describe surplus labor.
-What is surplus labor? Give an example.

Question 11

Define and describe surplus labor.
-How is surplus labor different from necessary labor?

Question 12

Define and describe surplus labor.
-Explain how surplus labor relates to profits for the employer.

Question 13

Discuss what constitutes exploitation and how exploitation occurs in various economic systems over time, including in contemporary capitalism.
-What is exploitation as discussed in this chapter? Does an employee need to be making low wages to be exploited?

Question 14

Discuss what constitutes exploitation and how exploitation occurs in various economic systems over time, including in contemporary capitalism.
-Does exploitation depend on the absolute value of your wage or salary? Why or why not?

Question 15

Discuss what constitutes exploitation and how exploitation occurs in various economic systems over time, including in contemporary capitalism.
-Why does exploitation necessarily occur in a capitalist economy? What happens to the employer if there is no surplus labor? To the employee?

Question 16

Discuss what constitutes exploitation and how exploitation occurs in various economic systems over time, including in contemporary capitalism.
-Was there exploitation in the prehistoric communal society? Why or why not?

Question 17

Discuss what constitutes exploitation and how exploitation occurs in various economic systems over time, including in contemporary capitalism.
-What put a limit on the rate of exploitation in a slave economy?

Question 18

Define and use measures of exploitation.
-Assume an employee works five hours producing an amount of product equal in value to her wage and then spends another three hours producing an amount of product over and above the value of her salary. What is the number of hours of necessary labor? Surplus labor? What is the rate of exploitation? Explain in words what the numbers mean.

Question 19

Define and use measures of exploitation.
-What does a rate of exploitation mean?

Question 20

Define and use measures of exploitation.
-If you were an employer, would you want a high or low rate of exploitation? Explain.

Question 21

List and discuss the sources of conflict between employers and employees and the rate of exploitation.
-Explain why employers and employees bargain or struggle over necessary and surplus labor. What are the three main sources of conflict?

Question 22

List and discuss the sources of conflict between employers and employees and the rate of exploitation.
-If an employee's compensation rises, what happens to necessary labor? Profits for the employer?

Question 23

List and discuss the sources of conflict between employers and employees and the rate of exploitation.
-Even if employee compensation rises and the number of hours of work remains unchanged, why might an employer still make the same amount of profit or even increase profits?

Question 24

List and discuss the sources of conflict between employers and employees and the rate of exploitation.
-Why can't an employee be paid below a wage floor? Why wouldn't an employer pay above a wage ceiling?

Question 25

Give a brief overview of the history of labor conflicts.
-What factors would give employers power as they bargain with employees over compensation, hours, and effort? Explain.

Question 26

Give a brief overview of the history of labor conflicts.
-What factors would give employees power as they bargain with employers over compensation, hours, and effort? Explain.

Question 27

Give a brief overview of the history of labor conflicts.
-When was union membership at its highest level? Why?

Question 28

Give a brief overview of the history of labor conflicts.
-What has happened to union membership since the 1950s? Why?

Question 29

Suppose Lisa works an 8 hour day copyediting books at a wage of $10. During that time she adds $160 to the value of the books sold in the market.

A) Profits are equal to $160 per day.
B) Profits are equal to $150 per day.
C) Profits are equal to $80 per day.
D) Profits are equal to $10 per day.

Question 30

Suppose Paul works as a programmer at a salary of $300 per day. During that time he produces programs that are sold for $600.

A) Profits are $600 per day.
B) Profits are $300 per day.
C) Profits are $1800 per day.
D) Profits are $900 per day.

Question 31

Susan earns $100 per day in wages for an 8 hour day. Her employer earns $100 per day in profits.

A) Necessary labor time is equal to 8 hours.
B) Surplus labor time is equal to 8 hours.
C) Necessary labor time is 4 hours and surplus labor time is 4 hours.
D) Necessary labor time cannot be determined from the information give.

Question 32

Progressive economists define the rate of exploitation as

A) the wage rate.
B) the profit rate.
C) the difference between profits and wages.
D) the ratio of profit to wages.

Question 33

Alfred earns $6 per hour and works an 8 hour day. He produces a product during that time that sells for $96. What is the rate of exploitation?

A) 0.4
B) 0.8
C) 1.0
D) 1.8

Question 34

According to the text, there are about 3 hours of surplus labor a day and 5 hours of necessary labor. What is the rate of exploitation according to this data?

A) 3.0
B) 1.6
C) 1.0
D) 0.6

Question 35

A wage floor in any society is equal to

A) the federal minimum wage.
B) the subsistence wage.
C) the wage earned by necessary labor.
D) the wage earned by surplus labor.

Question 36

The AFL-CIO is a voluntary assocation of national and international labor unions. What does AFL stand for in the name, AFL-CIO?

A) American Football League
B) American Federation of Labor
C) Arena Football League
D) American Fraternity of Labor

Question 37

A wage ceiling in any society is equal to

A) a wage with no surplus labor.
B) the subsistence wage.
C) the wage earned by necessary labor.
D) the wage earned by surplus labor.

Question 38

In the classic film, Modern Times Charlie Chaplin works on an assembly line that continues to move faster and faster, and Charlie struggles harder and harder to keep u

A) labor intensity
B) exploitation
C) monopsony
D) appropriation