Question 1

Wage negotiations in baseball can fit the bilateral monopoly situation when a star player negotiates with an owner.Explain how collective bargaining would be used in wage negotiations and the role of player strikes.

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Question 2

P = MC is a recipe for financial loss in an innovative firm established by an innovative entrepreneur.Explain.

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Question 3

Explain the relationship between the minimum wage and the unemployment rate for teenagers.

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Question 4

Explain how a bilateral monopoly equilibrium outcome differs from a purely competitive outcome.

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Question 5

Suppose a study showed that as the income of doctors increased, doctors spent more time on the golf course and less in the office.What would such a conclusion say about the relative sizes of substitution and income effects?

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Question 6

Explain the expression "time is more valuable than money." Explain in words and use a diagram to illustrate the implications of this for a person's labor supply curve.

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Question 7

Explain the concept of "creative destruction" by innovation.Does it ensure positive economic profits in the long run?

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Question 8

Explain the theory of investment in human capital and the specific role that education plays in the theory.

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Question 9

Explain how productivity growth has led to labor market realignment in the United States.

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Question 10

Some take issue with the human capital argument that employers pay more for college graduates because firms recognize the value of human capital.What are two alternative explanations for why college grads receive higher pay?

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Question 11

Give some explanations for the decline in union membership in the United States.

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Question 12

What are the alternative views to the human capital theory with respect to the role of education?

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Question 13

Discuss the historic increases and decreases in unionism in the United States and how it affects current labor relations today.

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Question 14

Explain the circumstances under which some component of labor income is economic rent.

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Question 15

Under what conditions is it likely that the labor supply curve may become backward bending? What roles do the income and substitution effects play?

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Question 16

The job market for which group always seems to have higher unemployment than the labor force as a whole? Why?

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Question 17

What are the three noteworthy labor market trends that Americans have experienced for about two decades?

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Question 18

What are the major goals that unions may pursue in labor negotiations? Are these ever in conflict with one another?

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Question 19

Cannon Mills used to be virtually the only employer in Kannapolis, North Carolina.What is the name for a single hirer of labor, and how do wages and the number of jobs available compare to a competitive labor market?

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Question 20

Explain why on average the profit levels for invention and entrepreneurship are generally so low.

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Quiz 19: Labor and Entrepreneurship: the Human Inputs