Which of the following states had the highest incidence of union membership as a percent of all wage and salary workers in 2012?
a. New York, Hawaii, and Alaska
b. South Carolina, North Carolina, and Mississippi
c. Arkansas, North Carolina, and Texas
d. California, Florida, and Georgia
A
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The existence of a deadweight loss associated with a monopoly can be seen because
A) consumers are willing to pay more for the last unit of output than it cost to produce. B) the cost of the last unit produced is more than consumers are willing to pay for it. C) the producer surplus is larger than in a competitive market. D) None of the above.
There are two types of worker, high ability and low ability. High-ability workers generate gross profit of A on the job and low-ability generate nothing. Education does not make workers more productive, but is costly to obtain (cH for high ability workers and cL for low ability ones). Let w be the wage that all firms in the economy pay by regulatory mandate. Suppose the worker obtains utility
given by the wage (if the worker is employed, 0 if not) minus the cost of education (if any). There is no disutility from work. Which condition is required if only the high-ability type is to obtain an education in equilibrium? a. cH < w < cL. b. cL < w < cH. c. cH < cL < w. d. cL < cH < w.
The United States has experienced both budget surpluses and deficits since 2000.
Figure 9.5 represents the market for used cars. Suppose buyers are willing to pay $5,000 for a plum (high-quality) used car and $3,000 for a lemon (low-quality) used car. If buyers believe that 80% of used cars in the market are lemons (low quality), what is consumers' willingness to pay ($X)?
A. $5,000 B. $3,400 C. $3,000 D. $1,700