The industry demand for labor in a competitive labor market
a. is the same as the individual demand for labor in a perfectly competitive market
b. is a horizontal curve at the market wage rate
c. slopes upward when there are diminishing returns
d. is the sum of the individual firms' demand curves for labor
e. is downward sloping only if all firms that employ labor are identical
D
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Dahlia can earn $60,000 a year working at a relatively safe job, or $65,000 a year working at a riskier job
The probability of death from working at the relatively safe job is 1/5,000, and the probability of death from working at the riskier job is 1/1,000. Using the compensating differential approach and the above information, what is the value of Dahlia's life? A) $2 million B) $2.5 million C) $6.25 million D) $25 million
The relationship between inflation and unemployment shown along a Phillips curve is a(n):
a. direct relationship. b. quadratic relationship. c. exponential relationship. d. inverse relationship. e. parabolic relationship.
When employment discrimination results from the personal prejudices of employers, economic theory suggests that
a. it is costless for employers to discriminate against groups they do not like. b. discrimination by an employer will reduce production costs since the employer can pay lower wages. c. the wages of employees who are discriminated against will actually rise. d. an employer who discriminates will experience higher costs.
From October 1997 to January 1998, the economy of South Korea was in turmoil. One of the problems was:
A. the value of the U.S. $ compared to the Korean won fell by more than half. B. the currency of South Korea appreciated considerably making it very difficult for Korean exporters to sell goods abroa C. U.S. goods became very cheap to Koreans making it difficult for Korean manufacturers to compete with imports. D. the value of the won fell by more than half compared to the U.S. dollar, making U.S. goods very expensive to Koreans and Korean goods relatively inexpensive for U.S. residents.