Principles of Microeconomics (MindTap Course List)
8th Edition
ISBN: 9781305971493
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Chapter 19.1, Problem 1QQ
To determine
Compensating differential.
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About what proportion of the variation of wages across workers is explained by factors that can be measured? What are the other factors that explain wage differences but are difficult to measure?
What is meant by the terms “investment in human capital” and “compensating wage differences”? Use these concepts to explain wage differentials.
1. What happens to the reservation wage if non-labour income increases and why?2. What economic factor determined whether a person participates in the labour force?
Chapter 19 Solutions
Principles of Microeconomics (MindTap Course List)
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- one of the factors that may have contributed to the increase in female labour force participation rate is higher education for women which may have enhanced their preferences of labour market. careers. Use a work-leisure diagram to explain how this factor alters either the indifference curves or the budget lines of women and increase labour force participation rate.arrow_forwardExplain how the decision to participate in the labour force is made. Include an indifference curve analysis diagram.arrow_forwardWhich type of worker would earn the high income but has lesser marginal productivity? a.Fashion model b. CEO c. Farm owner d. Computer programmerarrow_forward
- What does the term "family wage economy" mean based on Ruiz's chapter "The Flapper and the Chaperone"? (Only ONE answer is correct.) A. It means that the economic survival of the family was based on all of the wages multiple family members earned; it was not just based on the husband or father's job. B. It means that families worked together for the same company and employers gave the entire family one paycheck; people were not paid individually. C. It means that the federal and state governments only imposed income taxes on the head of the household, not on wives or dependent children. D. It means that families did not expect their teenage children to work; teenagers were expected to enjoy leisure time as often as possible.arrow_forwardAccording to current research, which of the following can rationalize the increase in female labor force participation in the US between 1970 and 2000?A. A decrease in the gender wage gapB. A decrease in the cost of child-careC. Learning about the effect of mothers' participation in the labor force on childrenD. All of the abovearrow_forward2. What is a compensating wage differential? Discuss whether or not we observe such differentials in life. Further discuss, whether a compensating wage differential can actually "compensate" associated risks.arrow_forward
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