Question 1

In 2007, about 1 out of every ______ workers earned less than $9 an hour.

Accepted Answer

The answer of In 2007, about 1 out of every...

Question 2

Mr. Retchnik was paid $500 a week in 1988, the base year. By 1994 he was earning $700. If the CPI was at 140 in 1994, how much were Mr. Retchnik's real wages in that year and by what percentage had they changed?

Accepted Answer

The answer of Mr. Retchnik was paid $500 a week...

Question 3

Sean Malloy made $360,000 in 2002, the base year. By 2006 he was earning $480,000. If the CPI rose 120 by 2006, how much were his real wages that year, and by what percentage had they changed?

Accepted Answer

The answer of Sean Malloy made $360,000 in 2002, the...

Question 4

If your salary doubled and the cost of living doubled, then your real wage rate would _______.

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The answer of If your salary doubled and the cost...

Question 5

If you have a chance to be a stand-up comic earning $2 million, a plumber at $100,000, or an assembly line worker at $20,000, and would be willing to work at any of these jobs for $20,000, how much would your economic rent be if (a) you were a stand-up comic? (b) you were a plumber? (c) you were an assembly line worker?

Accepted Answer

The answer of If you have a chance to be...

Question 6

Mr. Kohl made $44,000 in 2004, the base year. By 2010 he was earning $60,000. If the CPI had risen to 120 by 2010, how much were Mr. Kohl's real wages that year, and by what percentage had they changed?

Accepted Answer

The answer of Mr. Kohl made $44,000 in 2004, the...

Question 7

Draw a graph of the labor supply curve. Place an X at the point on the curve where the substitution effect and the income effect are exactly balanced.

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The answer of Draw a graph of the labor supply...

Question 8

Use the follwoing Figure to answer the question :

-An increase in the minimum wage to $7 would cause ____ million people to lose their jobs.

Accepted Answer

The answer of Use the follwoing Figure to answer the...

Question 9

Marlene Chow was paid $500 a week in 1999, the base year. By 2009 she was earning $1,000. If the consumer price index was at 125 in 2009, how much were Ms. Chow's real wages that year, and by what percentage had they changed?

Accepted Answer

The answer of Marlene Chow was paid $500 a week...

Question 10

If you were a ball player earning $1 million a year, and you could be earning $500,000 as an entertainer, but would be willing to work at either job for $100,000, how much is your economic rent?

Accepted Answer

The answer of If you were a ball player earning...

Question 11

The federal minimum wage rate was last raised in the year _________.

Accepted Answer

The answer of The federal minimum wage rate was last...

Question 12

Mr. Hussein was paid $8 an hour in 1989, the base year. In 1996, the CPI stood at 120 and he was earning $12 an hour. How much were Mr. Hussein's real wages in 1996 and by what percentage had they changed since 1989?

Accepted Answer

The answer of Mr. Hussein was paid $8 an hour...

Question 13

Cruz earned $500 a week in 2003, the base year; by 2009 she was earning $700. If the consumer price index was 150 in 2009, how much were Ms. Cruz's real wages that year, and by what percentage had they changed?

Accepted Answer

The answer of Cruz earned $500 a week in 2003,...

Question 14

The main reason for the decline in real wages in the 1970s and 1980s was our __________.

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The answer of The main reason for the decline in...

Question 15

Ms. Mandelblatt made $25,000 in 1990, the base year. By 1995 she was earning $40,000. If the CPI was at 150 by 1995, how much were Ms. Mandelblatt real wages that year and by what percentage had they changed since 1990?

Accepted Answer

The answer of Ms. Mandelblatt made $25,000 in 1990, the...

Question 16

Use the follwoing Figure to answer the question :

-An increase in the minimum wage to $6 would cause ____ million people to lose their jobs.

Accepted Answer