A difference in wages that arises to offset the nonmonetary characteristics of different jobs is known as
a. a compensating differential.
b. an inefficiency wage.
c. the equilibrium difference.
d. a union wage.
a
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Ad valorem taxes
A) are not used in the United States. B) are assessed as a percentage of a good's price. C) are based on income levels. D) are applied only to imports.
Mike Miller is the town manager of Medfield, a town with 50,000 residents. At a recent town meeting, several citizens proposed building a large public swimming pool in the center of town for all of the residents to enjoy. A survey of all 50,000 residents revealed that the pool would be worth $50 to each of them. Because the cost to build the swimming pool is only $1,000,000 . Manager Miller
arranges to have the pool built. Everyone in town enjoys the pool, but when Manager Miller asks for donations to pay for the pool, he only collects $250,000 . Manager Miller soon realizes that a. the survey was conducted improperly. b. the cost of the pool exceeded the social benefits. c. the pool is a club good. d. most residents of the town are probably free-riders at the pool.
Mr. and Mrs. Nakama were paying $6,000 taxes on a combined taxable income of $40,000. When they both received pay increases, they found themselves in a higher tax bracket (28 percent). Their average tax rate
A. Decreased. B. Increased to 15%. C. Increased to between 15% and 28%. D. Increased to 28%.
Have unions been successful at raising wages for their members? What about raising wages for all workers?
What will be an ideal response?