Definitions
Short Answer
True or False
Fill in the Blank
Application
100
What is the supply of labor?
the time a individual is willing to work at various wage rates
100
What are the 4 shifts in labor supply?
Demographic Change Non-wage aspects of jobs Wages in alternative jobs Non-wage income
100
True / False: The idea that the labor market is divided into male and female jobs is called the job crowding hypothesis.
True
100
A ______ is a situation where firms can hire non-union individuals, but those non-union workers are required to join the union soon after being hired.
Union Shop
100
Substitution or Income: After Ashley, a bank teller is given a raise, she decides to work more hours.
Substitution
200
What are unions?
associations of employees that bargain with employees over the terms and conditions of work
200
What are the 3 markets in which firms must operate?
Capitol Market: suppliers of capitol Labor Market: Workers Product Market: consumers
200
True / False: When nonunion workers can be hired but must pay union dies for it service they are in a closed shop.
False: Agency Shop In a closed shop only union members are hired.
200
Income effect dominates substitution affect at _____ wages.
higher *Substitution effect dominates income effect at lower wages.
200
The idea that workers are divided into those who belong to a union and those who are unemployed or nonunion is called the:
insider-outsider theory
300
What is the Civil Rights Act of 1964?
It prohibits discrimination based on race, color, sex, religion, nationality.
300
What are the 3 shifts in labor demand?
Changes in product demand Changes in productivity Changes in the prices of other inputs
300
Non-Discriminating Firms pay higher wages for “preferred” workers, resulting in higher costs and lower profits
False: Discriminating Non-Discriminating firms hire from a larger supply of workers at lower wages, resulting in lower cost and greater profits.
300
_____ Union represents members of a specific occupation. Ex. electrical workers
Craft Union
300
What is an example of Craft Union vs. Industrial Union?
Craft Union: electrical worker Industrial Union: auto worker
400
What is the Marginal Revenue Product?
amount of additional revenue one worker earns fro the firm
400
The _______ Act (1935) prohibited unfair labor practices, including firing workers fro engaging in union activities.
Wagner
400
True / False: The average union wage is 10-20% higher than the average nonunion wage in the same industry.
True
400
The firms demand for Labor is derived from demand for its ________ and the ___________ of labor.
Product Productivity
400
Substitution or Income Effect: Vlad delivers pizzas and decides to reduce his hours after the company increases his wage.
Income Effect
500
What is the Executive Order 11246?
It established affirmative action.
500
What Public Policy provided equal pay for equal work, men/women?
Equal Pay Act of 1963
500
True / False: The Americans with Disabilities Act (1990) was the public policy that did not discriminate people over the age 40.
False: Age Discrimination in Employment Act of 1967 The American with Disabilities Act did not discriminate against mental / physical disabilities.
500
Market Labor Supply: Unlike individual labor supply curves, the market labor supply curve is ________ sloped.
Positively
500
What is Becker's Conclusion?
Pressures of market competition should drive discrimination to zero in the long run.
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