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Unit 4 : Reading Quiz # 11 : 7 points

1. If the nominal wages of carpenters rose by 5 percent in 2008 and the price level increased by 3 percent, then the real wages of carpenters:  A. decreased by 2 percent. B. increased by 2 percent. C. increased by 3 percent. D. increased by 8 percent. Unit 4 : Reading Quiz # 11 : 7 points .

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Unit 4 : Reading Quiz # 11 : 7 points

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  1. 1. If the nominal wages of carpenters rose by 5 percent in 2008 and the price level increased by 3 percent, then the real wages of carpenters: A. decreased by 2 percent.B. increased by 2 percent.C. increased by 3 percent.D. increased by 8 percent. Unit 4 : Reading Quiz # 11: 7 points • 2. The long-run trend of real wages: A. cannot be determined from available data on nominal wages and the price level.B. has been downward because the price level has risen faster than nominal wages.C. has been upward.D. has been downward because labor's share of the domestic income has fallen.

  2. 3. The real wage will rise if the nominal wage: A. falls more rapidly than the general price level.B. increases at the same rate as labor productivity.C. increases more rapidly than the general price level.D. falls at the same rate as the general price level. 4.In monopsony: A. each firm employs a small portion of the total supply of labor.B. the work force is highly mobile.C. the wage rate paid by the employer varies directly with the number of workers employed.D. the employer is a "wage taker."

  3. 5. Which of the following is most likely to be an example of monopsony?A. the market for fast-food workers in a large summer resort town.B. the market for card dealers in Las Vegas.C. the market for major league baseball umpires.D. the market for retail sales clerks in a major city. 6. A craft union attempts to increase wage rates by: A. equating the MRP and the MRC curves.B. shifting the labor supply curve to the left.C. shifting the labor supply curve to the right.D. shifting the MRP curve to the right.

  4. 7. Occupational licensing: A. functions essentially the same as inclusive unionism.B. attracts large numbers of workers and therefore depresses wages.C. often restricts occupational entry and raises the incomes of licensees.D. has been declared illegal in the majority of states.

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