Occupations X and Y employ persons with the same productivity. Workers in the two occupations work the same number of hours per day when on the job. Employment is stable throughout the year in X, while Y is characterized by seasonal layoffs. How will the hourly wage rate and annual earnings compare in the two occupations?
a. The hourly wage rate will be higher in X, but the annual earnings will be higher for Y.
b. Both the hourly wage rate and annual earnings will be higher in X.
c. Both the hourly wage rate and annual earnings will be higher in Y.
d. The hourly wage rate will be higher in Y, but the annual earnings will likely be higher for X.
D
You might also like to view...
Suppose your bank pays you 5 percent interest per year on your savings account. If prices increase by 5 percent per year over that time, approximately how much real value do you gain by keeping $100 in the bank for a year?
A) $0 B) $1 C) $3 D) $6
The term "foreign currency" refers to foreign
I. coins II. notes III. bank deposits A) II only B) II and III only C) I and II only D) I, II, and III
An increase in the quantity of a product supplied is caused by an increase in the price of the product
Indicate whether the statement is true or false
When the prevailing market wage is above equilibrium, we say:
A. the quantity of labor demanded is more than the quantity supplied. B. there is a surplus of labor. C. there is no unemployment. D. All of these are true.