Wages and Wage rate

The theory of negotiated wages is based on the

• idea that wages are influenced by a labor union negotiating with management for better pay and benefits

• the equilibrium wage created by supply of labor and demand of labor

• concept the more skills and talents you have the higher your pay should be

• principle of physical capital and resource accumulation

Unskilled workers often

• earn the most income

• work the most hours for the lowest wage

• have the most education and training

• need no supervision

If the supply of labor increases and the demand for labor stays the same, we could expect

• wages to increase

• no change in wages

• wages to decrease

When a person has special talents and training their wage is often determined by

• the Traditional Theory of Wages

• the Theory of Negotiated Wages

• the Signaling Theory of Wages

• The Theory of Wages for all involved

Training and experiences is considered

• physical capital

• human capital

• labor

• necessary to obtain an unskilled job

Which economic model best describes increase in Demand for Labor

• 
• 
• 
• 

What would be a likely outcome for the supply for labor if wages if decrease for an area

• supply would increase since people would commute to work in that area

• supply would decrease since people would commute or move to another area

• demand would decrease since businesses would close more stores

• demand would increase since businesses would open more stores

using this model if a federal minimum wage is imposed at Po and Qo the result would be (pick 2 answers)

• an ineffective minimum wage

• a surplus of labor

• a shortage of labor

• a market wage resulting in equilibrium at P1 and Q1

What is the price for labor

• value

• labor productivity

• wages

• human capital

Wages, just like the other factors of production are governed by

• government regulation

• supply and demand

• labor laws

• glass ceiling