Question 1

In the late 1800s,Bernard made buggy whips.Their quality was such that people came from hundreds of miles to buy the whips.As mechanized transportation developed,horse-drawn buggies largely disappeared and so did the demand for Bernard's whips.Would Bernard have been better off if these new modes of transportation had never been invented?

Accepted Answer

The answer of In the late 1800s,Bernard made buggy whips.Their...

Question 2

Suppose the mean earnings of two groups differ.Which of the following would be the logical conclusion?

Accepted Answer

Without considering factors such as preferences and productivity, differences in unadjusted mean earnings cannot be attributed to employment discrimination with certainty. Other factors like education, experience, occupation, and work hours may all play a role in shaping disparities in earnings. Therefore, it would be premature to draw any conclusions regarding the presence of discrimination based solely on differences in average earnings.

Question 3

Ethyl does not like redheads and refuses to hire any at her business.Paul was the perfect job candidate on paper,but the personal interview revealed that he was a redhead.Are there any costs to Ethyl for not hiring Paul?

Accepted Answer

The answer of Ethyl does not like redheads and refuses...

Question 4

As far as contributions to a professional sports team's bottom line are concerned,players generally receive

Accepted Answer

Professional sports teams generally pay their players what they are worth in terms of their contributions to the team's success and financial bottom line. This is determined by factors such as skill level, experience, performance, and marketability. While some players may negotiate higher salaries or bonuses, for the most part, their compensation reflects their value to the team. Therefore, choice A is the best answer.

Question 5

Sally and Joe recently graduated from college,both majoring in history.Joe took a prestigious job as a legal clerk.Sally took a job as a specialist in fighting forest fires.Both received additional training before entering their jobs.Who will likely earn a higher salary and why?

Accepted Answer

The answer of Sally and Joe recently graduated from college,both...

Question 6

Given the amount of time and other costs of investing in human capital that it takes to earn a Ph.D. ,why are college professors paid less than other occupations that require similar or lesser amounts of human capital?

Accepted Answer

The answer of Given the amount of time and other...

Question 7

Assume that Burger King employees work in an air-conditioned environment while McDonalds employees do not.Other things equal,you would expect wages to be ____ in Burger King because ____.

Accepted Answer

The answer of Assume that Burger King employees work in...

Question 8

Happyland is a country devoted to consumption.The inhabitants spend all of their income on pleasurable things and virtually none on capital investment,human or otherwise.Seriousland is frugal,spending very little on consumption and a great deal on human and physical capital.Ten years from now,which country would you prefer to inhabit?

Accepted Answer

The answer of Happyland is a country devoted to consumption.The...

Question 9

Joanne states: "The best way to increase the wages of workers is to increase worker productivity." Is Joanne correct? Why or why not?

Accepted Answer

The answer of Joanne states: "The best way to increase...

Quiz 26: Earnings, productivity, and the Job Market