Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN: 9781305506893
Author: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Question
Chapter 13, Problem 3CQ
(a):
To determine
Differences in the wage of a lawyer and a minister.
(b):
To determine
Differences in the wage of an accountant and an elementary teacher.
(c):
To determine
Differences in the wage of a business executive and a social worker.
(d):
To determine
Differences in the wage of a country lawyer and a Wall Street lawyer.
(e):
To determine
Differences in the wage of a skilled, experienced craftsperson and a school dropout.
(f):
To determine
Differences in the wage of an upper-story window washer and ground-floor window washer.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
The following statistic is reported by the U.S. Bureau of Labor Statistics: in 2014, women’s average weekly earnings is 83% of men’s average weekly earnings. This statistic is referred to, in the media, as the “gender wage gap”. Possible reasons wages vary among workers, and thus the average weekly earnings for women is different than that of men, include which of the following?
a.human capital
b.compensating wage differentials
c.job search uncertainty
d.All of the above.
Determine which of the three principle sources of wage differentials is most likely to account for each scenario.
* A licensed physician earns more than a nurse:
differences in total human capital
compensating differentials
differences in talent or ability
* City sanitation workers earn more than park maintenance workers:
compensating differentials
differences in talent or ability
differences in total human capital
* Physical therapists earn more than massage therapists.
differences in talent or ability
compensating differentials
differences in total human capital
* Jack, a 22-year-old soccer player, earns more than Jim, who is the same age and has the same level of experience.
compensating differentials
differences in total human capital
differences in talent or ability
Explain how the market-compensating wage differential between safe jobs and risky jobs is determined. Support your answer with appropriate graphs
Chapter 13 Solutions
Microeconomics: Private and Public Choice (MindTap Course List)
Knowledge Booster
Similar questions
- Q49 In order to maximize profits, a firm needs to determine the quantity of each factor that it will employ, which is dictated by price as well as productivity of the factor. Assume farmer in the Ottawa area named Justin Trudeau has fixed amounts of land and capital finds that total product is 24 for the first worker hired, 32 when two workers are hired, 37 when three are hired, and 40 when four are hired. The farmer's product sells for $3 per unit, and the wage rate is $13 per worker. The marginal revenue product of the second worker is Multiple Choice $9 $15 $24 $8 $14.arrow_forwardElaborate the contemporary changing work culture in light of ever changing/advancing technologies and the related phenomena of job insecurity among the youths? answer in summaryarrow_forwardWhat has happened to the share of American workers with steady jobs the 1970s? Who is responsible for the decline of “jobs”: does it reflect worker preferences or employer preferences? Why do you conclude this?arrow_forward
- Wage differences can be explained by all of the following except: A) compensating differentials. B) differences in marginal revenue products. C) economic discrimination. D) comparable worth.arrow_forwardQ33 In order to maximize profits, a firm needs to determine the quantity of each factor that it will employ, which is dictated by price as well as productivity of the factor. Assume farmer in the Ottawa area named Justin Trudeau has fixed amounts of land and capital and finds that total product is 24 for the first worker hired, 32 when two workers are hired, 37 when three are hired, and 40 when four are hired. Justin Trudeau product sells for $3 per unit, and the wage rate is $13 per worker. The marginal product of the second worker is Multiple Choice 32 14. 8 1 5arrow_forwardIn general, different jobs pay different wages. One overarching reason is that different jobs have different characteristics, with wages serving to compensate for those different characteristics. Consider two virtually identical individuals, employed in the same industry and working in the same region. One of the individuals works in Occupation A, while the other works in Occupation B. Assume that the individual working in Occupation A earns a higher wage than the individual working in Occupation B. Describe four differences between Occupations A and B that could each help explain the different wages paid to the two workers.arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
Microeconomics: Private and Public Choice (MindTa...EconomicsISBN:9781305506893Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage Learning
Economics: Private and Public Choice (MindTap Cou...EconomicsISBN:9781305506725Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage Learning
Microeconomics: Private and Public Choice (MindTa...
Economics
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning
Economics: Private and Public Choice (MindTap Cou...
Economics
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning